A survey conducted by Yahoo Finance and Marist Poll, released on January 14, 2025, revealed that only 22% of respondents are very or completely satisfied with their savings.
Data also showed that only 10% of Americans are completely satisfied, and 26% say they’re somewhat satisfied. Nearly half of people cite the cost of living as the reason they can’t save. About 50% of respondents saved less money in 2024 than in 2023.
While Yahoo mentions that inflation has contributed to the increased price of common consumer goods, prices will remain high even though inflation has cooled down. Two-thirds of the survey respondents claim the average cost of living for a family in their area is not affordable.
Earlier last year, Shannon Seery Grein, an economist at Wells Fargo, warned that “it is somewhat worrisome that households are not saving at the same rate they have historically because they technically won’t have as much at their fingertips come a downturn or a shock that hits the household sector…. it leaves them more financially vulnerable.”
The survey also mentions that 60% of respondents expressed optimism about their finances with Donald Trump as president.