BMO Real Financial Progress Index: Consumers' Financial Concerns Rose Sharply Between March and April 2025

• Concerns about overall financial situation, cost of living, and inflation all rose

CHICAGO, June 4, 2025 /PRNewswire/ - The BMO Real Financial Progress Index reveals that Americans' financial concerns rose sharply between March and April 2025 amid current economic uncertainty and market volatility.

• 59% of Americans say they are more concerned about their overall financial situation, up 14 points over March.
  • Gen Z and Millennial respondents' concerns increased by 17 points over the previous month.
• Three-quarters of Americans (75%) report an increase in worry over the cost of living, a 12-point increase over March.
  • Gen Z respondents registered an 18-point increase in concern over the cost of living in April compared to the prior month.
• Two-thirds of Americans (67%) said that concerns about import tariffs had increased, compared to 59% who registered similar concerns in March.

"Consumers have told us in this survey that higher tariffs and rising tariff uncertainty are rattling their confidence in their finances, the cost of living, and the prospect of even higher inflation ahead. Younger Americans feel most concerned and vulnerable to the tariff shock," said Scott Anderson, Chief U.S. Economist, BMO. "Younger workers tend to lose their jobs and working hours early in a downturn, spend more of their income on goods purchases, and have less savings to shelter them from rising food and shelter costs."

"With more Americans feeling the pinch from rising costs and financial uncertainty, people are looking for guidance they can trust. At BMO, we believe real financial progress starts with practical, actionable advice such as building a realistic budget, identifying small ways to save, and making smart choices about credit and debt. These are tools to help people feel more in control of their money and their future," said Paul Dilda, Head, U.S. Consumer Strategy, BMO.

Worries of a Recession

• Two-in-three (67%) Americans say their concerns about an economic recession have increased, compared to 57% in March.
  • Gen Z is slightly less concerned about a recession (64%) but their worries have grown the fastest, with an 18-point increase in concern over the prior month.
• Americans who report they have become more concerned about inflation during the past three months rose to 71% in April, compared to 63% in March.
  • Gen Z respondents showed the sharpest increase, with 70% reporting they are more concerned about inflation, a 13-point increase over the prior month.
• Roughly one in four Americans (26%) say their concern over the prospect of losing their job has grown, with nearly four-in-ten Gen Z respondents (38%) and one-third of Millennial respondents (33%) more concerned about a job loss.

"In today's shifting environment, we're seeing a growing demand for personalized financial and investment advice," said Michele Havens, Head, BMO U.S. Wealth Management. "Our role is to help our clients feel more in control by equipping them with the right strategies to manage risk, stay resilient, and drive real progress toward their financial goals."

To learn more about how BMO can help customers make real financial progress, visit https://bmo.com/realfinancialprogress. 

About the BMO Real Financial Progress Index
Launched in February 2021, the BMO Real Financial Progress Index is an indicator of how consumers feel about their personal finances and whether they are making financial progress. The survey aims to spark dialogue that will help consumers reach their financial goals and to humanize a topic that causes anxiety for many – money.

The research detailed in this document was conducted by Ipsos in the US from March 3^rd to 26^th, 2025. A sample of n=2,500 adults ages 18+ in the US were collected. To account for recent changes in the economic situation, certain questions were asked again from April 17 to April 21, 2025.among a sample of n=2,009 adults ages 18+ in the U.S. Quotas and weighting were used to ensure the sample's composition reflects that of the American population according to census parameters. This survey has a credibility interval of +/- 2.7 per cent 19 times out of 20, of what the results would have been had all American adults 18+ been surveyed.

About BMO Financial Group
BMO Financial Group is the seventh largest bank in North America by assets, with total assets of $1.4 trillion as of April 30, 2025. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society.

SOURCE BMO Financial Group