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The State of Personal Finance: Trends for 2023 Report by Ramsey Solutions Finds Half of Americans Feel Financially Stuck

MARCH 2, 2023

NASHVILLE, Tenn. – The year 2022 was a roller coaster for many Americans. Rising grocery prices, increased gas expenses, general inflation, and worries of an economic recession caused Americans to struggle financially, according to The State of Personal Finance: Trends for 2023 Report published by Ramsey Solutions. Over the last two years, Americans who reported their finances as “in crisis” or “struggling” increased by 45%. While budgets seemed to have gotten tighter, only 4 in 10 Americans felt optimism about their financial future.  
One of the biggest challenges reported by Americans was the rising cost of daily expenses. The number of people who reported difficulty paying bills increased by 42% over the last two years, with an increase of 37% in difficulty providing food for their family.  
“My personal finances are slightly above average,” said a 33-year-old survey participant. “The rising cost of inflation in America, though, has significantly impacted my household's monthly budget. Leisure activities aren't a priority currently.” 
Though down from their peaks in quarter two of 2022, daily worry and lost sleep because of personal finances are still impacting millions of people as we head into 2023. People with debt worry more than those without debt (64% and 45%, respectively), the study finds. The study also found 71% of people making less than $50,000 a year for their household income reported they worry daily. And 37% of people making over $100,000 a year for their household income worry every single day about their finances. 
“This report shows there’s no golden number for a yearly salary,” said Jade Warshaw, Ramsey Personality and debt elimination expert. “How much money you make isn’t the issue. It’s how you manage the money you have. Your income is your biggest wealth-building tool, and if you’re giving it away in debt payments every month, you’ll never get ahead. Now is the time to make a plan for your money so you can have a better financial foundation months and years from now.” 
Other key findings:  

  • More than 1 in 3 Americans making over $100,000 for their household income reported living paycheck to paycheck. 

  • Millennials are the generation that worries the most, with 67% noting they worry daily.  

  • Americans agree it’s important to spend time every day managing their money but admit they don’t do what they should do with their money.  

  • Only half of Americans said they have $1,000 in savings.  

About The State of Personal Finance | The State of Personal Finance study is a quarterly research study conducted by Ramsey Solutions to gain an understanding of the personal finance behaviors and attitudes of Americans. The nationally representative sample was fielded using a third-party research panel. Since January 2021, The State of Personal Finance has seen 8,081 U.S. adults participate in the study.  

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, Sr. Publicist