Two weeks before Americans head to the polls to elect a new president, 78% of adults say they’re worried about the economy according to Ramsey Solutions’ new State of Personal Finance report for the third quarter of 2024. 
The research notes millennials (ages 27-42) are the most concerned at 83%. The survey finds people are feeling the effects of the higher costs of goods and services, and they remain concerned about inflation. In addition, 37% said their finances are in worse shape than four years ago. Thirty-four percent said their finances are about the same, while only 29% said they’re better off than they were four years ago. The research indicates more than half (52%) of Americans believe the U.S. presidency has a major impact on their personal finances. “We encourage every American to go out and vote,” said Dave Ramsey, personal finance expert and host of “The Ramsey Show.” “But remember, what goes on in your house is a whole lot more important than who’s in the White House. The research shows that less than half of Americans believe a written household budget is the way to win with money. That has to change, or nothing will.”
Other key findings include:
• 1 in 3 Americans can’t afford Christmas and plan to use credit cards to make up for the shortfall.
• Nearly half of Americans (49%) report some difficulty paying bills, with Gen Z struggling the most (69%).
• 34% said they have at least $10,000 in consumer debt.
• Only 1 in 10 U.S. adults are investing 15% or more of their income.
To see the full results of Ramsey Solutions’ State of Personal Finance report, please click here.
The State of Personal Finance is a quarterly research study conducted by Ramsey Solutions with 1,006 U.S. adults to gain an understanding of opinions and attitudes toward money in America. The nationally representative sample was fielded September 12-16, 2024, using a third-party research panel.