BUSINESS + ECONOMY

Working Americans are worried about their future finances

May 24, 2024, 9:00 PM | Updated: May 25, 2024, 4:13 pm

Almost half of working Americans say they feel good about their finances, for now. They're feeling ...

Almost half of working Americans say they feel good about their finances, for now. They're feeling unsure about the future. (Canva)

(Canva)

SALT LAKE CITY — Almost half of working Americans say they feel good about their finances, for now.

More people are feeling financially well, but that doesn’t mean they’re not stressed or concerned about the future.

53% of people say they’re worried about money later down the road, according to Bank of America’s Workplace Benefits report.

DMBA-certified financial planner Gerika Espinosa said the uncertainty leads to some introspection.

“Anytime we have a market downturn like we did in 2022 and things with the economy get (shaken) up, people get (shaken) up,” she said. “And then they start paying attention to their own situations (and) thinking ‘Okay, I’ve got to take more responsibility and make sure things are looking good.”

Espinosa said the best way to feel confident about future finances is to follow basic principles of spending. These include things like paying off debt and living within your means rather than looking at the market. According to Espinosa, people often read about the stock market. They mistakenly think that it is the only determining factor of their financial future.

“Depending on what they read, it goes in and out,” she said. “But, if they want to have security and stability, then they need to follow principals that are timeless and not follow with what’s going on that changes with the wind.”

Alexandrea Bonilla is a producer, reporter and anchor for KSL NewsRadio.  

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Working Americans are worried about their future finances