American adults, small business owners, and entrepreneurs are showing rising optimism in their overall financial wellness.
But that doesn’t mean they are free from financial stress with inflation continuing to have a key impact on finances and their ability to focus attention on long-term financial goals.
The report from national nonprofit Operation HOPE reveals that 38% cite the cost of everyday goods as their biggest financial stressor, followed by rising debt levels (28%) and cost of housing (21%).
With this in mind, the outlook for finances is uncertain with just 24% of respondents saying they expect good times ahead compared to 49% who are unsure. However, 84% said that they are hopeful that their personal financial wellbeing will improve over the next 12 months.
Asked about the past year, things are less conclusive with 35% saying they are better off financially now than a year ago, and the same share saying they are worse off. Even so, 74% say they are living paycheck to paycheck.
There is some better news on debts with 48% saying their debts have increased during the third quarter of 2024 compared to 54% who said this in the second quarter. Credit card debt continues to be reported as the most burdensome debt at 35%, well above student loans (15%), auto loans and mortgages (11%), and personal loans (10%).
And respondents are also optimistic about homeownership with 64% believing that it is still an attainable part of the American Dream and 36% saying they have considered buying a home but found it unaffordable, down eight percentage points quarter-over-quarter. Home prices (34%) and saving for a downpayment (30%) are the two biggest barriers cited.
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