A majority of Americans are facing financial difficulties as prices continue to remain high. A survey of 2,000 consumers conducted by Talker Research on behalf of Zoe Financial revealed that more than half (53%) of respondents feel “frozen” financially—meaning they feel stuck, overwhelmed, or unsure about what to do with their finances. Respondents cited their biggest financial concerns as paying for necessities (36%) and sticking to a monthly budget (36%).
Nearly a quarter (22%) are worried about their savings strategy, while others feel stressed about retirement (21%), loans and debt payment (20%), and investing (9%). The survey highlighted that many respondents feel most helpless when navigating inflation and the cost of living (25%), investing (24%), and budgeting and saving strategies (23%). More than three-quarters (77%) of respondents expressed regret over past financial decisions, wishing they had taken actions that could have improved their financial future.
Common areas of regret include savings strategies (55%), maintaining a stricter monthly budget (41%), and investing (38%).
americans face financial struggle amid inflation
A quarter (26%) of respondents said they have a financial advisor.
For those without one, the primary barrier is the misconception that financial advice is only for the affluent. Nearly 39% of those who haven’t considered finding a financial advisor believe they can’t afford it, while 24% think they don’t have enough money to justify the need for advice. Despite the increasing prevalence of artificial intelligence in daily life, consumers remain hesitant to rely solely on AI-driven tools for financial advice.
Thirty-seven percent of respondents said they would feel uncomfortable using only AI for their finances, preferring human advisors. Most respondents consider human financial advisors more trustworthy (58%), comprehensible (50%), and effective (47%) than AI-driven tools. When asked about their concerns with using AI in personal finance, respondents mentioned a lack of trust in new technology, concerns about how sensitive data would be stored and used, and uncertainty about how to use AI effectively.
Image Credits: Photo by Josh Appel on Unsplash
