2024 Household Financial Insecurity Report [LendingTree Study]

Written by Posted On Tuesday, 09 July 2024 10:49

LendingTree -  2024 Household Financial Insecurity Report found that more than a third of Americans are struggling financially.

Using U.S. Census Bureau Household Pulse Survey data to delve into the difficulties Americans face in paying for usual household expenses — like food, housing and medicine — we found that financial insecurity is up 6.7% compared to the same period in 2022, a figure that jumps to 25.0% among the youngest demographic studied (18 to 24). Here's what else we found. 

  • More than 1 in 3 American households are financially insecure in 2024. 36.4% of households reported in April that they had a somewhat or very difficult time paying their usual household expenses in the past week. That’s up 6.7% from 34.1% during the same period in 2022.
  • Americans ages 18 to 24 saw the biggest increase (25.0%) in difficulty paying expenses between 2022 and 2024. However, Americans 65 and older saw a 4.1% decrease in difficulty in this period.
  • 31 states saw an increase in difficulty paying household expenses. Between 2022 and 2024, Washington (41.6%), Wyoming (33.4%) and Montana (30.7%) saw the most dramatic increases in difficulty.
  • Alabama (43.9%), Mississippi (43.6%) and Nevada (42.2%) reported the highest level of difficulty paying usual household expenses in 2024.

You can check out our full report here: https://www.lendingtree.com/debt-consolidation/household-expenses-struggles-study/

LendingTree's chief credit analyst, Matt Schulz, had this to say:

"It’s troubling that 1 in 3 American households are financially insecure, but it shouldn’t be terribly surprising. The perfect storm of record debt, sky-high interest rates and stubborn inflation has resulted in many Americans’ financial margin of error shrinking to virtually zero.”

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LendingTree is an online lending marketplace headquartered in the United States. The business platform allows potential borrowers to connect with multiple loan operators to find optimal terms for loans, credit cards, deposit accounts, insurance, etc.

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