Large percentage of Americans report they’re struggling to make ends meet | SSTI (2024)

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Large percentage of Americans report they’re struggling to make ends meet | SSTI? ›

Almost 40% of American adults report they struggle to make ends meet each month, an increase from 34.4% in 2022 and 26.7% in 2021. At 46.2%, Louisiana had the highest percentage reporting financial struggles followed by Mississippi (45.7%) and Arkansas (45.6%).

More families were having difficulty paying all their bills in 2022 than in 2021. Income variability increased and consumers were using high- cost credit products at pre-pandemic levels, after a substantial drop in 2021.

If you are facing financial stress right now, you are not alone. According to a recent Ramsey Solutions study, 34% of survey respondents indicated that they were either facing financial struggles or were actively in crisis.

More than two-thirds of parents (68%) surveyed said they were “struggling to make ends meet,” with an additional 23% of parents reporting that their families sometimes faced financial struggles.

Two-thirds (67%) of Americans say that they've cut back on spending, and almost half (45%) say they've put some life plans on hold. A third (35%) have dipped into their savings or investments. And almost two thirds (62%) say that even though they are able to pay their bills, they have little left over for “extras.”

"To make ends meet" Answer. To make ends meet means "to pay for the things that you need to live when you have little money." This is a good example of an idiom that is often used in English but that is not transparent in meaning.

Inflation: Rising prices of goods and services can increase expenses and make it difficult to make ends meet.

“It tells you that people are really struggling in the wake of stubborn inflation, rising interest rates and other financial headwinds that they've faced for several years,” he says. “People have less money to contribute to their financial goals like paying down debt.”

After inflation, high interest rates, unattainable housing prices and other economic factors, 50 percent of U.S. adults say their overall personal financial situation is worse than it was in November 2020, according to October 2023 Bankrate polling.

The percentage of Americans experiencing financial hardship steadily increased, reaching a new high of nearly 41 percent in October 2022. The census survey results did not meaningfully improve over the following year.

How many Americans are living comfortably? ›

Trend from 2022 to 2023 in percentage of U.S. adults reporting they have enough money to live comfortably. This has varied between a high of 73% in 2007 to a low of 60% in 2012. It is 64% in the latest reading, in April 2023.

According to the study, nearly half of Americans (46%) expect to have credit card debt heading into 2024. Of those who expect to have credit card debt, 74% expect to have $1,000 or more in debt, 42% expect to have $5,000 or more in debt and a quarter (25%) expect to have $10,000 or more in debt.

The survey also found that 37% of Americans are behind on monthly bills, which jumps to 53% among parents with young children. Additionally, 61% reported that inflation has impacted their ability to afford their lifestyle.

The average American net worth is $1,063,700, as of 2022. Net worth averages increase with age from $183,500 for those 35 and under to $1,794,600 for those 65 to 74. Net worth, however, tends to drop for those 75 and older.

According to the Bureau of Labor Statistics, the average American household earns an average of $82,852 a year before taxes and spends almost 80% of their available income on basic necessities such as housing, food, and clothing. So, how does your household compare?

Net worth as measured by the simple mean average is even more eye-popping: In 2022, U.S. households had a net worth of more than $1 million on average for the first time in history after rising 23% from 2019—a figure that's skewed higher because it includes the ultra-wealthy.

Start by looking at your expenses and see what you can cut out altogether. Next, focus on areas you can cut back or ways you can make money on the side. No matter how you make ends meet, always use a budget.

It can be costly to live as a single person in the US. You would need to earn between $46,000 and more than $112,000, depending on which state you live in.

The high cost of living, wealth inequality and job market uncertainty have all contributed to financial vulnerability, even among wealthy families. Concerns about personal debt, including credit card, auto loan and medical debt, are significant sources of financial stress.

Based on the poll, the top 6 things that Americans think they need to be considered as part of the middle class are: Secure job. Ability to save money for the future. Ability to afford a $1000 emergency without debt.