Nashville, Tenn., Sept. 16, 2024 (GLOBE NEWSWIRE) -- Today, 37% of Americans owe more money on their credit cards than they have in retirement savings, according to the new Ramsey Solutions State of Personal Finance report. In addition, most Americans (61%) feel that they are not making meaningful progress towards their retirement goals, and a majority of Gen Z and millennials (70% of both groups) said they feel behind on their nest egg savings.
While retirement is a long-term indication of financial well-being, general savings is a more immediate need, and only 44% of Americans said they are happy with the amount of money they have saved overall. The importance of savings is clear, as 40% of Americans reported having an unexpected money emergency in the last three months.
“Nobody wants to run out of money, especially when an emergency happens or in retirement,” said George Kamel, personal finance expert and host of the George Kamel YouTube channel. “You have to be intentional. That starts with getting out of debt as soon as possible, having an emergency fund saved and investing consistently for the future. Once you’ve got that foundation and breathing room, your financial stress goes way down, and your financial peace goes through the roof.”
Despite their deficits in savings, 53% of Americans are happy with their current financial situation, with men more content than women (63% versus 44%). Millennials and Gen Z are tied for the happiest generation (60%).
Other key findings:
- The top cause of unexpected money emergencies is car issues (41%), followed by medical bills (37%) and home repairs (34%).
- Those in debt are more likely to feel stressed (71%) compared to those without debt (44%).
- Over the last three years, the percentage of Americans who have said they’re spending more on groceries has steadily increased from 31% at the start of 2021 to 59% in the fourth quarter of 2023.
- Older generations are less likely to trust the stock market, with only 46% of baby boomers and 49% of Gen X expressing confidence. There’s a higher level of confidence from millennials (67%) and Gen Z (64%).
About the Study
The State of Personal Finance is a quarterly research study conducted by Ramsey Solutions, surveying 1,010 U.S. adults to gain an understanding of the personal finance behaviors and attitudes of Americans. The nationally representative sample was fielded March 13-20, 2024, using a third-party research panel.
About Ramsey Solutions
Ramsey Solutions provides financial guidance based on the 7 Baby Steps—a proven plan that’s helped millions of people pay off debt, save money and build wealth for the future. Through its multimedia platforms, consumer products and digital tools, Ramsey Solutions produces life-changing financial, relationship and personal development content every day. The company was founded in 1992 by financial expert and national bestselling author Dave Ramsey, and now, Ramsey Solutions employs over 1,000 team members who are committed to empowering people to take control of their money and their lives. For more information, visit ramseysolutions.com/about.
