Most Americans feel positive about their lives but show anxiety about their finances, according to the first U.S. Bank Possibility Index released by Minneapolis-based U.S. Bank today. Three in five Americans feel satisfied with their lives overall, and 65 percent are optimistic about changes over the next year.
However, a majority (52 percent) reported being concerned about their finances. Just under half said they were concerned about paying off their debt and about paying bills, and 55 percent are worried about saving for unexpected life events. Only four in 10 Americans make and follow a budget, the survey found.
At work, this financial stress drives dissatisfaction with salary, with one in three saying they are dissatisfied with their ability to support themselves and their families. However, the survey found that it doesn’t take much more income to be more satisfied with life. The average income difference between those with 25 percent life satisfaction to 89 percent satisfaction was only $12,000 in annual salary.
Financial stress also hinders some home lives, with 42 percent saying their financial situation makes them less satisfied at home and 57 percent saying their finances hinder the personal life they want to enjoy. Only 34 percent of non-homeowners said they will be able to buy a home in the next five years, and four in 10 respondents who valued vacation time and travel said they could not afford it.
