Study: 47% of Americans’ monthly expenses exceed their monthly income

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.