New Survey Reveals Americans Unprepared for Current Economic Uncertainty

Half of Americans Don't Trust Themselves Managing Finances; 51% Plan to Step Up Financial Literacy and Practices

Only 13% feel "very good" about their current financial situation

CHICAGO, April 21, 2025 /PRNewswire/ -- Americans are determined to take control of their financial lives, yet most feel profoundly unprepared and only half trust themselves to get it right, according to a new survey from Beyond Finance released today, one of the first of its kind. The study polled 2,000 U.S. adults, revealing that only 13% feel "very good" about their current financial situation, despite overwhelming agreement that long-term financial well-being is more critical than ever. In fact, 84% say setting themselves up for financial success is more important now in times of economic uncertainty. The study is part of Beyond Finance's third annual Financial Practice Week.

Economic Urgency Is Driving Action While Confidence Lags

Against a backdrop of rising costs and financial instability, people are prioritizing future security more than ever before. But that urgency hasn't yet translated into confidence. 51% said today's economic uncertainty has pushed them to improve their financial knowledge, with nearly 60% planning to increase their financial understanding this year. Yet only 50% say they have "a lot" of trust in themselves when it comes to managing their finances.

Disillusionment With Institutions Is Fueling Shift

Over half of respondents said they feel the same or more disillusioned with financial institutions than they did a year ago. That distrust appears to be becoming a catalyst for personal empowerment.

"There's a growing movement around financial self-empowerment," said Lou Antonelli, Chief Operating Officer of Beyond Finance. "We're seeing people move from avoidance to action. It's not just about fixing your finances — it's about feeling capable and in control."

Women May Trust Themselves Less

Women are showing up in this financial moment, but they also report slightly lower levels of self-trust, hinting at a persistent confidence gap. 72% of women surveyed manage the bulk of the finances themselves — however over a third currently feel somewhat-to-very bad about their financial situation. Moreover, only 49% of women say they have "a lot" of trust in themselves to manage their finances, compared to 52% of men. Despite this, women show strong balance in decision-making — 59% say they focus equally on short- and long-term outcomes, compared to 54% of men. 

Generations Approach the Future Differently

The survey also reveals distinct generational patterns around optimism, financial planning, and perceived control, highlighting how life stage influences mindset. Gen Z stands out as the most optimistic: 59% strongly agree they're actively working to set themselves up for success. But they're also the most short-term focused: 27% say they prioritize "what's best in the moment," more than twice the rate of baby boomers (10%). Meanwhile baby boomers and the Silent Generation are more methodical, with 64% of boomers saying they weigh both short- and long-term goals equally. Millennials and Gen X fall in between, with many voicing ambition but still grappling with self-trust and economic headwinds.

These differences reflect a spectrum of attitudes shaped by experience, resources, and how much time each group feels they have to prepare for what's next.

Bridging the Financial Trust Gap: Empowering Americans To Invest in Themselves

Even as Americans are largely managing their own finances — 74% say they handle it themselves — emotional drivers like anxiety, lack of knowledge, and past missteps continue to erode financial confidence. Many of today's struggles can be traced back to foundational gaps. According to the survey, 20% of respondents received no financial education from their parents while 31% received none in school. Among baby boomers, 35% said their parents never taught them about money while only 20% of Gen Z said the same. 

Despite these setbacks, Americans are actively working to build their financial confidence in practical, repeatable ways this year. Respondents say they're either currently or planning to: track their spending (69%), use budgeting apps (28%), regularly read financial news (28%), listen to financial podcasts (23%), and talk more openly with family to break the money taboo (22%). 

"When it comes to financial well-being, trust in yourself is the foundation," said Dr. Erika Rasure, Chief Financial Wellness Advisor at Beyond Finance. "We often think of money management as purely numbers and strategy — but in reality, it's deeply emotional. Building self-trust allows people to move from fear or avoidance into confident, empowered decision-making. Investing in yourself means more than saving or budgeting — it means nurturing the emotional resilience and knowledge that lead to long-term, holistic financial health."

Building this trust starts from within — and that's the focus of Beyond Finance's Financial Practice Week, which occurs during the third week of National Financial Literacy Month in April. It is an initiative designed to help people reconnect with their financial power by building personalized, emotionally grounded practices.

Financial Practice Week encourages individuals to:

• Develop their personal financial self-concept and explore their money story
• Practice discernment in navigating decisions that reflect their real needs and goals
• Integrate financial wellness into a more holistic view of mental, physical, and emotional health
• Rely on practical, tailored tips — not one-size-fits-all advice
• Put into practice financial wellness regimens from trusted sources

By focusing on unique values, needs, and goals, individuals can build the confidence and clarity to take ownership of their financial lives, and treat it as an essential form of self-care.

Since 2011, Beyond Finance has helped more than 700,000 people, resulting in over $2 billion in client debt being paid off. Through personalized debt consolidation plans, free financial therapy sessions and innovative tools, the company equips clients to break the cycle of debt, create healthier financial habits and achieve lasting financial freedom.

This survey was commissioned by Beyond Finance and conducted by Talker Research, a third-party research company. For more information on Beyond Finance's commitment to financial wellness and its transformative debt consolidation services, visit www.beyondfinance.com.

Data from a survey conducted by Talker Research on behalf of Beyond Finance from April 4 – April 7, 2025, with a sample of 2,000 Americans. 

About Beyond Finance, LLC

Beyond Finance, LLC, is one of the nation's largest debt consolidation organizations. In its commitment to providing clients a smart way to move beyond debt, Beyond Finance helps consumers lower their monthly payments, reduce the impact of interest, and reach a debt-free life sooner — all with customized proprietary tools allowing for ease-of-use and transparency. In 2024, Beyond Finance was awarded with 3 ConsumerAffairs' inaugural "Buyer's Choice Awards" for Best Customer Service, Experience with Staff, and Transparency within its category. Beyond Finance has offices in Chicago, Atlanta, San Diego and Houston. For more information, visit BeyondFinance.com.

SOURCE Beyond Finance