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Ramsey Solutions Research Shows 4 in 10 Americans Have $0 in Savings

NOVEMBER 15, 2022

NASHVILLE, Tenn. — As inflation continues to rise in the third quarter of 2022, Americans are tightening their grip on their budgets. According to the latest edition of The State of Personal Finance 2022 by Ramsey Solutions, over 100 million Americans (37%) say they’re either struggling or in crisis with their finances. Debt is also on the rise, with 1 in 5 Americans saying they’ve taken on more debt since June.

Most concerning of all, the study found that the number of people without savings or an emergency fund has grown, with nearly 4 in 10 Americans reporting having $0 in their savings accounts. The study also found that half of Americans say finances have had a negative impact on their mental health, and 40% have experienced an anxiety attack at least once because of stress about money in the last three months.“Money fear is painfully real,” said Dr. John Delony, a Ramsey Personality and mental health expert. “It’s what you do with that fear that makes all the difference. You cannot conquer your fears alone. Surround yourself with people you trust and who will hold you accountable. Next, seek wisdom and don’t make money decisions when you’re scared. If you do these things, you can chart a different path for your future.”

 Many Americans are taking control of their finances during these tough economic times though. With the upcoming holiday season, nearly half (47%) of U.S. adults say they plan to spend less on Christmas this year. Even families with young children are holding back, with 44% planning to spend less than the year before.“Everyone is feeling the pinch right now, especially heading into the holiday season,” said Rachel Cruze, a Ramsey Personality and personal finance expert. “But creating and following a budget won’t make you the Grinch. When you make a plan for your money, you’re giving yourself permission to spend. If you’re cutting back this year, have an open and honest conversation with your family.”  

Other key findings from this study include:

  • Four out of 5 borrowers say student loan forgiveness will not cover all of the debt they owe.
  • Forty-three percent say the process for student loan forgiveness is not clear.
  • Seventy million Americans say they are relying on credit credits to pay their bills more than normal.
  • Fifty-five percent of Americans say they have $1,000 or less in savings.
  • Seventy-one percent of Generation Z reports they worry daily about their personal finances, compared to only 42% of baby boomers.

About The State of Personal Finance Study The State of Personal Finance study is a quarterly research study conducted by Ramsey Solutions with 3,011 U.S. adults in order to gain an understanding of the personal finance behaviors and attitudes of Americans. The nationally representative sample was fielded from March 28 to April 5, 2022 (Q1), June 30 to July 8, 2022 (Q2) and from Oct. 18 to 24, 2022 (Q3), using a third-party research panel.

About Ramsey Solutions Ramsey Solutions exists for the people outside its walls, empowering them in the areas of money, business, leadership, career and mental wellness. Through its multimedia platforms, Ramsey Solutions shares life-changing content with millions of people every day. Ramsey Solutions’ products and world-class speakers and authors bring hope to people in every stage of life. Ramsey Solutions has over 1,100 team members who are committed to applying biblically based principles to doing work that matters. For more information, visit

Media Contact Sara Small