Over half of Americans feel overwhelmed by finances

A recent study reveals that over half of Americans, specifically 53%, feel "financially frozen." The survey of 2,000 people showed they are overwhelmed and unsure about their finances. The main concerns reported include paying for necessities and sticking to a monthly budget, with both issues affecting 36% of respondents. Many people also worry about their long-term financial security. About 22% expressed concerns about their savings strategies, while 21% are stressed about planning for retirement. Additionally, 20% are anxious about loans and debts. The study, conducted by Talker Research for Zoe Financial, indicates that an overload of information online contributes to these feelings of helplessness, especially regarding inflation and budgeting. The survey found that many regret not having made better financial choices in the past. Around 77% wish they had acted differently to improve their financial future. The top areas for regret include saving more and adhering to stricter budgets. Despite wanting to be better financially prepared, 53% of respondents feel lost about where to start. Many also believe they have waited too long to seek financial advice. The average person did not prioritize retirement planning until age 38, although they think they should have started at 29. On a positive note, younger generations are planning for retirement earlier. Gen Z begins at age 25, while millennials start at 34. The majority of respondents, 74%, do not work with a financial advisor. Some believe that financial help is only for the wealthy, with 39% stating they cannot afford it. Others feel they don’t have enough money to need a financial advisor. There are also concerns about being misled or scammed by advisors. As the use of AI in finance increases, people still prefer the personal touch of human advisors. About 37% of respondents feel uncomfortable relying solely on AI for financial help. They regard human advisors as more trustworthy and understandable than technology. Concerns about AI include trust issues, data security, and uncertainty about using the technology effectively.