More than two in five Americans say they do not feel financially stable, with nearly one-third saying they have less than $500 in their emergency savings funds, according to a new survey by Edward Jones and Morning Consult. Thirty-seven percent of respondents said their emergency funds would last no more than a month, with only 38% considering their emergency savings fund to be fully funded.
Asked to define “financial wellness,” survey respondents described it as having no anxiety over monthly bills (61%), having enough money to take care of their family (57%) and having no debt (55%). Given inflation and concern about a possible recession, roughly half of respondents (49%) said they will begin by paying off debt, while others planned to increase income (42%) and stick to a monthly budget (34%). To prioritize those steps, some respondents are delaying the timeline for bigger financial decisions and longer-term goals, including purchasing a home (16%), changing careers (11%) and retirement (11%).
ABA Banking Journal Staff
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