Study: Most Americans Doubt Their Finances Will Improve in 2019

Jan 14, 2019

A new survey conducted by Bankrate.com has found 55 percent of Americans do not think their personal financial situation will improve this year over last year. Twelve percent of survey responded predicted their situation will be worse and 44 percent expected it to remain unchanged.

For those who think their finances will be worse off this year, 49 percent blamed the political leadership in Washington for their perceived misfortune. Other factors being blamed include a cost of living increase (38 percent), increased debt (37 percent), generating less money from savings or investments (21 percent), rising interest rates (19 percent) and earning less money from their job (18 percent).

Furthermore, Bankrate.com reported that 89 percent of respondents had at least one financial goal for this year. Paying down debt was the most cited goal (33 percent), followed by better budgeting (13 percent), saving more money for retirement (12 percent), saving more for emergencies (10 percent), getting a higher paying job (six percent), investing more (five percent) and buying a new home (four percent).

“Regardless of whether or not one is upbeat on financial prospects for the coming year, the fact is that more Americans need to make savings a priority,” said Bankrate.com Senior Economic Analyst Mark Hamrick. “Too many are living paycheck-to-paycheck, even at a time when the economy has been broadly judged to be doing well. Savings rates continue to tick up, so now is a great time to shop around for a place to park, and add to, that emergency fund.”

About the author

Phil Hall

Link copied

Published

Jan 14, 2019

Analysis and Data

Homes With Negative Equity Jump In Third Quarter

“I am surprised to have seen some of the increases in home prices," CoreLogic's chief economist says.

With home prices projected to enter a period of deceleration over the course of 2025 and 2026, a new report shows that the share of negative equity rose in the U.S. from the second quarter to the third quarter — the first quarterly rise since the fourth quarter of 2022. W...

People On The Move

Jason Lee New President Of The Loan Store

The former Flagstar Executive to steer The Loan Store through next phase of "aggressive growth"

The Loan Store, a leading wholesale mortgage lender, has tapped industry veteran Jason Lee to be its new president. With a career spanning more than two decades in the mortgage and banking industries, Lee is expected to bring expertise in capital markets, leadership, and ...