A recent study by the FINRA Investor Education Foundation reveals a 10 percentage point decrease in adults who find it easy to cover expenses. More Americans are spending more than their income, with only a quarter satisfied with their financial condition. Anxiousness about finances is on the rise, with 26 million more people struggling to make ends meet. Credit card debt has increased to nearly 4 in 10 users, resulting in a decrease in those paying off cards in full.
As a result of rising food and housing costs, more Americans are anxious about their financial future, with only 46% having enough saved to cover three months of expenses. Financial literacy levels in the US are low, with the average respondent correctly answering 3.3 out of seven financial literacy questions. Despite this, many respondents overestimate their financial knowledge.
While many Americans are confident in meeting financial goals, nearly 6 in 10 adults have not calculated how much they need to save for retirement. The lack of retirement planning is concerning, with only 30% of people aged 18-34 having calculated their retirement needs. Factors like income and education level influence the propensity to save for retirement, with only 16% of those earning under $25,000 having a retirement account.
The study emphasizes the importance of financial knowledge and attitudes in building and protecting wealth. Despite this, many Americans are not saving for retirement, potentially due to struggles to make ends meet. Only just over half of respondents have invested in retirement accounts or outside of them.

Read more at Yahoo Finance: Americans are struggling to pay bills and feeling anxious about it, FINRA study shows