NASHVILLE, Tenn., Aug. 29, 2022 (GLOBE NEWSWIRE) -- As inflation hit a 40-year high and home prices skyrocketed, the second quarter of 2022 caused financial stress across the country. According to the latest edition of The State of Personal Finance 2022 by Ramsey Solutions, 40% of Americans reported inflation was their top challenge, followed closely by the cost of living at 39%.
Rising costs hit hard during the summer months as many planned their vacations. The report found most Americans are limiting expenses to make ends meet, with 70% cutting back on travel.
“Now more than ever is the time to have a plan for your money,” said Rachel Cruze, personal finance expert and national bestselling author. “We have to focus on the things we can control, like our budget. We’re all feeling the pinch right now, but there’s a level of sacrifice you have to make in the short term that will help you in the long term. You just have to stay focused.”
As for the job market, dissatisfaction is leading to shifting careers. More than half (57%) of Americans reported they’re considering changing jobs, and just over a quarter (27%) changed jobs in the past 12 months.
“Let’s talk about the elephant in the room: Worker needs are not being met,” said Ken Coleman, career and leadership coach. “When people don’t find meaning in their work, don’t get recognized for their unique contributions, and don’t have a relationship with their leader, they’ll start looking and soon will be leaving! And that’s exactly what we’ve seen over the last year.”
Other key findings:
- One in 3 Americans said they’re either struggling or in a crisis with their personal finances, and over half said they had difficulty paying their bills.
- Fifty-nine percent of Americans said they worry about their general finances daily, and about half have lost sleep in the last three months due to financial worries.
- Housing is another source of stress, with 62% of renters finding it hard to cover rent.
- Gen X is struggling the most in the current economic situation.
- When it comes to the real estate market, only 24% of Americans said they’re optimistic about the market in their area.
About the Study
The State of Personal Finance is a quarterly research study conducted by Ramsey Solutions with 2,013 U.S. adults to gain an understanding of the personal finance behaviors and attitudes of Americans. The nationally representative sample was fielded from March 28 to April 5, 2022 (Q1), and from June 30 to July 8, 2022 (Q2), using a third-party research panel.
About Ramsey Solutions
Ramsey Solutions exists for those outside its walls, empowering people in the areas of money, business, leadership, career and mental wellness. Through its multimedia platforms, Ramsey shares life-changing content with millions every day. Ramsey’s products and world-class speakers and authors bring hope to people in every stage of life. The 1,100 Ramsey team members are committed to applying biblically based principles to work that matters. For more information, visit ramseysolutions.com.
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