Economic Anxiety Deepens as Financial Goals Slip Out of Reach
The pressure of economic uncertainty is reshaping aspirations across generations, according to recent polling.
Economic and political uncertainty is taking a toll on Americans’ finances, leaving many Americans feeling stuck despite their efforts, according to the 2025 Financial Literacy and Preparedness Survey from the National Foundation for Credit Counseling and The Harris Poll.
Nearly two-thirds of respondents (63%) fear that government partisanship and volatility will harm their finances, while 57% said economic uncertainty makes both long-term goals and debt management harder. Although 65% feel confident in their financial decisionmaking, only 56% gave their actual finances high marks—highlighting the gap between confidence and outcomes in today’s challenging environment. The report, funded by the Wells Fargo Foundation, showed how external volatility fuels financial stagnation.
Americans Struggle to Stay Afloat Financially
More than half (53%) of U.S. adults surveyed said they feel that no matter how hard they try, something always sets them back financially. A similar amount (48%) said they feel they are constantly treading water, vulnerable to unexpected expenses; 33% said they are just getting by financially.
Despite widespread financial strain, only 5% of respondents facing debt-related challenges, which would equate to about 13.1 million adults if extrapolated to the larger population, said they would seek help from a nonprofit credit counseling agency, meaning 95% of this group are navigating these difficulties without professional support.
“Feeling financially stressed isn’t a personal failing,” said NFCC CEO Mike Croxson in a statement. “As the survey makes clear, it’s often a reflection of the deep uncertainty consumers face today. Good intentions aren’t enough when the economic ground feels unstable. That’s why the steady, expert support from certified credit counselors can make a meaningful difference for people in these uncertain times.”
Homeownership Goals Meet Doubt
This widespread financial strain extends beyond immediate concerns, influencing Americans’ outlook on long-term aspirations. Among the most affected is the goal of homeownership, which, for many, now feels increasingly out of reach. Each quarter, BMO Bank N.A. publishes the BMO Real Financial Progress Index, providing insight into how Americans are feeling about their financial progress.
Results from the first quarter survey indicated that while 66% of respondents still see homeownership as a major life goal, 61% now feel less confident about achieving it than they did five years ago, highlighting a growing gap between aspiration and reality.
“The financial hurdles to owning a home have rarely been higher, especially for young households that don’t yet have their foot in the door,” said Scott Anderson, BMO’s chief U.S. economist, in a statement. “Poor housing affordability, limited inventory of existing homes, and rising interest rates make finding the right home that fits your budget a challenging endeavor.”