- Only 47% of U.S. workers feel financially secure, a sharp decline from 52% earlier this year.
- Personal debt remains pervasive, with 85% of full-time employees reporting they carry some form of it.
- A growing number of workers, now 26%, are seeking professional financial help, double the rate from 2023.
A new survey from Bank of America paints a concerning picture of the American worker's financial state, revealing that a sense of security is eroding even amid a ostensibly strong labor market. The poll of 1,000 full-time employees found that less than half, just 47%, now describe themselves as financially well, a notable five-point drop from the beginning of the year.
The data suggests households are feeling increasingly squeezed. The vast majority of respondents, 85%, reported carrying personal debt, a figure that has remained stubbornly high. More telling is the surge in those seeking external guidance; more than a quarter have now turned to a financial professional for help, a figure that has doubled from 13% just two years ago in 2023.
This growing anxiety appears to be fueled by broader macroeconomic concerns. According to the survey findings, 77% of workers stated they are worried about the economy, indicating that headline risks are translating into personal financial stress. The findings stand in stark contrast to the robust health of the banking sector itself, where firms like BofA continue to post strong earnings and return capital to shareholders.
A spokesperson for Bank of America was not immediately available for additional comment on the survey's implications. The convergence of high debt loads, increased demand for advice, and widespread economic pessimism points to a potential softening of consumer resilience, which could have downstream effects on spending and economic growth.