Survey: Consumers cutting spending in response to economic pressures
A majority of Americans feel that they are treading water in today’s economy.
A new report from YouGov reveals that more than half (55%) of those surveyed say they are either “just about keeping up” or “falling behind” financially. Just a third (34%) of Americans say they are “getting ahead” or “comfortably ahead” financially.
More than four-in-10 (43%) consumers have cut non-essential spending in the past year, while 24% have cut essential spending. Sixteen percent of those surveyed have used savings to cover everyday expenses
“Americans are managing, but for many, that doesn’t mean they’re moving forward,” said Kerri Holiman, VP of financial services at YouGov. “This data shows a growing disconnect between stability and progress. Even those who are keeping up are often relying on savings, cutting back, or using credit to bridge gaps.”
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YouGov’s survey found that 58% of Americans have some form of debt. More than four-in-10 (44%) have unsecured debt, and among them, 26% owe $10,000 or more.
Twenty-two percent have no savings beyond what they need for regular expenses, and only 31% have more than $5,000 in savings. Nearly half (45%) of Americans with savings over $1,000 would not invest any of it in the next 12 months.
Only 22% of respondents believe saving and investing will help them get ahead, while 21% say they will need investment returns, and 15% say they will need a major financial break. Among aspiring homeowners, only 33% expect to be able to buy a home in the future, with two-thirds (67%) saying it is not realistically achievable.
Earlier this month, the University of Michigan Index of Consumer Sentiment’s preliminary reading for April fell to 47.6, down 10.7% from March, extending a decline that began with the start of the Iran conflict. This marked its lowest level ever.
“In an environment where costs remain high and financial uncertainty persists, getting ahead increasingly feels out of reach,” added Holiman. “For financial institutions and brands, understanding that tension is critical to supporting consumers in a way that reflects how they are actually managing their money today.”
YouGov’s survey was fielded between Feb. 2 and March 6, 2026, among a nationally representative sample of over 1,450 U.S. adults.
