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%).

The COVID-19 pandemic sent a painful shockwave through both the US and the global economy.

According to the latest poll conducted among 2,000 US adults, 7 out of 10 Americans say they will struggle to make ends meet this year.

In the last decade, millions of people found themselves unemployed or underemployed with few or no benefits, sometimes indefinitely. Fewer people work with one company for decades, employee benefits have shrunk, technology and globalization have eliminated jobs, and more people are employed in freelance work.

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 half of Americans (58%) report being able to live within their means and not worry about making ends meet, while fewer than half (40%) feel they are in good or great financial shape, and one in four (23%) say they are in poor shape.

Key Findings. 48.6% of Americans consider themselves to be “broke,” and 66.2% feel they are “living paycheck to paycheck.” There is a gender gap in the results: Females are more likely to consider themselves “broke” at 55.8%, compared to males at 41.1%.

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. "Yes, inflation seems to have peaked, but it hasn't gone away," Schulz continued.

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. Here are some examples of how this phrase is used: We had a hard time making ends meet.

The public's list of the top problems facing the nation includes inflation, health care affordability, drug addiction and gun violence. Yet the ability of Republicans and Democrats to work together rates about as high on the problems list as these other concerns.

How much does it really take to make ends meet? ›

From the data we've gathered, we learned that respondents' average annual household income was $61,588, but they needed an additional $24,192, on average (nearly 40% of their actual income), just to make ends meet due to inflation.

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.

It may be that you have too much credit card debt, not enough income, or you overspend on unnecessary purchases when you feel stressed or anxious. Or perhaps, it's a combination of problems. Make a separate plan for each one.

A recession is likely to hit the US economy in 2024, a new economic model highlighted by the economist David Rosenberg suggests. The economic indicator, which Rosenberg calls the "full model," suggests there's an 85% chance of a recession striking within the next 12 months.

Indeed, most U.S. adults (76%) feel at least some level of anxiety about their personal finances, according to a November 2023 survey by Sleepfoundation.org. For many, this means worse sleep: 77% say they lose sleep over money worries at least some of the time.

According to a recent CNN survey, 71% of Americans identify money as a significant cause of stress in their lives. Further, 76% of households live paycheck-to-paycheck and credit card debt is growing.

Impacts of COVID-19 pandemic

2022: The World Bank updated the global poverty line from $1.90 to $2.15 per day. 2023: About 9.2% of the world's population, or approximately 719 million people, are living on a daily income of less than $2.15.

Those who rate their current life a 7 or higher and their anticipated life in five years an 8 or higher are classified as thriving. The percentage of U.S. adults estimated to be thriving has steadily declined since it reached a record high of 59.2% in June 2021. The latest estimate of 51.2% is an 18-month low.