Building Financial Confidence Amid Economic Pressures in 2025
The economic uncertainty of the past few years has taken a toll on Americans’ financial confidence. While the economy is showing signs of recovery, many Americans remain concerned about their personal financial outlook. According to KeyBank’s 2025 Financial Mobility Survey, Americans are already actively making progress toward their financial goals.
While half (50%) of consumers surveyed are feeling stressed about their current financial situation, nearly the same percentage (45%) are certain they could come up with $2,000 if an unexpected need arose within the next month — and over a third (34%) say they could even come up with $5,000 if needed.
As the economy continues to recover, it’s the perfect time to reassess your financial habits and set new money goals. See how other Americans are managing their financial challenges and priorities to help inform your financial decision-making and build a stronger financial future.
New Ways to Navigate Financial Challenges
Despite economic stressors, Americans are demonstrating remarkable resilience as they adapt to evolving conditions and find innovative ways to secure their financial future.
- Debt Becomes a Top Priority: To address their debt situation, nearly one-third (27%) of Americans surveyed are prioritizing paying off debt over saving, and 40% have reduced nonessential expenses to save money.
- More Confident Than They Think: 87% of Americans surveyed are confident they can pay their rent or mortgages each month, and 70% are confident they can pay off their credit cards.
- Reaching Debt Milestones: Collectively, Americans now owe a record $1.14 trillion on their credit cards, according to the latest report on household debt from the Federal Reserve Bank of New York. While concerns about debt linger, 44% of Americans surveyed say they do not have credit card debt.
Four Tips for Building a More Confident Financial Future
- Assess your finances. In our survey, 42% responded that they would rather perform stand-up comedy at an open mic night than have their credit card statements read aloud at a family dinner. Thankfully, you can assess your finances privately. And, doing so can offer valuable insights into your financial health. Take a look at your spending habits and let them guide your financial decision-making.
To learn more about financial topics, visit KeyBank’s Financial Wellness Center. - Match your spending and saving to your goals. Think ahead and plan to set yourself up for financial success. More than half (54%) of Americans surveyed are not confident in their ability to contribute more to a retirement account (like a 401(k) or IRA), and 63% are not confident in their ability to take on a mortgage. Assessing your current financial situation honestly allows you to identify your key priorities, whether that includes paying off debt, building an emergency fund, or saving for a home. With a clear goal in mind, you can build a well-defined financial plan around it and turn your aspirations into reality.
To get started, schedule a Key Financial Wellness Review. - Explore financial education. It's easy to feel overwhelmed by financial planning, so don’t be afraid to ask for help. Americans surveyed say that financial information (51%), digital banking tools (42%), and advice from a financial advisor (37%) are helping them feel more financially resilient. From online tools to connecting with a financial professional, countless resources are within reach to support you on your financial journey.
Learn the basics of banking and discover essential tips to manage your money effectively with KeyBank’s Banking 101. - Celebrate your financial progress. It's understandable to feel stressed about personal finances during uncertain times. But if you’re taking proactive steps to manage your finances by regularly reassessing and adjusting your financial strategies, you’re on the right track. Remember to take time to celebrate your progress.