Nearly half of Americans have monthly expenses that exceed their monthly income, according to the 2023 Personal Finance Perspectives Survey published by FNBO (First National Bank of Omaha).
In a nationwide poll of 1,086 adults, the survey found 47 stating their monthly expenses were greater than their monthly income, with 44% complaining their debt hinders progress towards achieving personal goals. The survey also found 42% of respondents reporting they have less than $10,000 saved for retirement – although 39% said they will have saved more in 2023 than they did in 2022 and 32% claimed their financial wellbeing is better this year compared to last.
Still, 57% of respondents said they were living paycheck to paycheck and 56% had an emergency fund that is worth at least three months of expenses.
“As we wrap 2023, and look ahead to 2024, there remains a sense of economic uncertainty – which consumers are doing their best to navigate through,” said Nathan Ewert, senior vice president at FNBO.
