The November jobs report beat expectations. FOX Business’ Edward Lawrence and more.
As the new year approaches, most Americans have a clear vision of the state of their finances in 2025, a recent survey says.
Bankrate said Thursday its survey found that 44% of American adults expect to see their financial situation get “somewhat” or “a lot better” in the next year, an increase of 7 percentage points from the same period last year.
The survey, conducted on behalf of the financial website YouGov, took place on Nov. 6, the day after the 2024 election, until November 8 and involves about 2,500 American adults.
ALMOST 60% OF AMERICANS SAY $100K IN INCOME IS NEEDED TO COVER THE EXPENSES OF WORRY: READ
Inflation was the most common reason behind the positive results, with 36% of Americans citing it, according to the data.
A lady writing her bills in the kitchen approached (iStock / Stock)
The US saw inflation measured by the Consumer Price Index rise 0.3% month-on-month and 2.7% year-on-year in November, the government reported.
Other factors played into positive financial expectations by 2025, the survey found.
For example, more than one-third of Americans who expect to see better personal income by 2025 report “increased income” as helping to guide their positive outlook. A slightly lower share (30%) indicated “having less debt,” while “the work done by elected representatives” and “better spending habits” also prompted 25% optimism.
A separate July survey from Discover Personal Loans reported that 80% of Americans experience “some degree” of financial anxiety.
Meanwhile, Bankrate found Thursday that 33% of Americans foresee their finances remaining as they are next year.
Just shy of a quarter of Americans had negative expectations about their financial situation, reporting that they expected things to get “somewhat” or “worse,” a Bankrate survey found.
US CARDHOLDERS ‘IN DIFFICULTY’ AS FACING ‘ADDITIONAL’ SPENDING, FINANCIAL EXPERT WARNS
Inflation has also weighed heavily on US seniors who are expecting a financial meltdown. That was followed by “work done by elected officials” cited by 30 percent, “stagnant or reduced revenue” cited by 28 percent and holding debt by 20 percent, among other factors, according to Bankrate.
“After the election, our survey finds that some Americans see elected officials as the reason why their finances are not improving (or why they will improve), which confirms the continued division in politics. Regardless of where someone stands on the political spectrum, there is always an opportunity for everyone to identify goals. financial institutions and take action,” Mark Hamrick, chief economist at Bankrate, said in a statement.
Couples should meet to review finances and craft budgets if they plan to stay together for a long time. (iStock / Stock)
About 21% of Americans plan to reduce their debt in the next year, the survey found.
AMERICANS’ HOUSEHOLD DEBT HAS GROWN IN RECENT YEARS Amid COOLING CHALLENGE IN CONSUMER ENVIRONMENT
As of the third quarter, American households collectively owed $17.94 billion in debt, including things like mortgages, car loans, credit cards and student loans, according to the Federal Reserve Bank of New York.
Americans had $12.59 billion in loan balances in the third quarter, for example. Student loans totaled $1.61 trillion, and auto loans totaled $1.64 trillion, the New York Fed found.
Source link