{"id":43066,"date":"2025-06-17T21:08:03","date_gmt":"2025-06-17T21:08:03","guid":{"rendered":"https:\/\/isafespend.com\/?p=43066"},"modified":"2025-06-17T21:08:04","modified_gmt":"2025-06-17T21:08:04","slug":"americans-increasingly-abandon-financial-planning-as-economic-pressures-mount","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=43066","title":{"rendered":"Americans increasingly abandon financial planning as economic pressures mount"},"content":{"rendered":"
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How people tackle their finances can vary but, according to new research from PYMNTS, there are two ways that are most common.<\/p>\n

PYMNTS found just 40% of American consumers are “planners,” meaning their strategy for money had more foresight.\u00a0<\/p>\n

That figure has gone down compared to the roughly half who tackled their personal finances that way in February of last year,\u00a0according to the outlet<\/u>.\u00a0<\/p>\n

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Meanwhile, for 60% of consumers, financial matters are dealt with as they come, earning them the moniker “reactors,” PYMNTS reported.\u00a0<\/p>\n

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For the former, they tended to have at least $2,500 saved and keep their credit card balances below $2,000 on average, as well as make regular payments on their balances, according to the outlet.\u00a0<\/p>\n

The latter typically amassed higher balances and had lower amounts of savings, per PYMNTS. They also reported taking care of their credit card balances less frequently.\u00a0<\/p>\n

The drop in “planners” could mean consumers are feeling more pain in their wallets, according to PYMNTS.\u00a0<\/p>\n

The two groups typically had different priorities when it came to money, with retirement being front of mind for many so-called “planners” and knocking down debt being a focus for “reactors,” per the outlet.\u00a0<\/p>\n

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A separate report released earlier this month by Fidelity Investments found the average 401(k) account balance in the first quarter was $127,100, while the balances for IRA and 403(b) accounts averaged $121,983 and $115,424, respectively.<\/p>\n

RETIREMENT ACCOUNT BALANCES DIP IN 1ST QUARTER, BUT SAVERS KEEP CONTRIBUTING<\/strong><\/p>\n

Northwestern Mutual found in mid-April that Americans think they need $1.26 million saved to retire “comfortably.”\u00a0<\/p>\n

PYMNTS reported that nearly one-third of financially-reactive consumers reportedly identified reducing their debt as a top priority.\u00a0<\/p>\n

Americans collectively had $18.2 trillion in debt as of the first quarter of the year, according to the Federal Reserve Bank of New York.\u00a0<\/p>\n

For the other type of consumer, investments and savings accounted for 12% of what they financially allocated for themselves on a monthly basis, PYMNTS also reported.<\/p>\n

DEBT CRISIS DEEPENS AS 1 IN 4 AMERICANS FORCED TO CHOOSE BETWEEN BILLS AND BASICS<\/strong><\/p>\n

Additionally, the survey shed light on how different generations stacked up in terms of how they tackled finances, according to the outlet.<\/p>\n

For Generation Z, 73% of those within that age group were considered “reactors,” it said.<\/p>\n

Members of the Baby Boomer generation, meanwhile, were more likely to be “planners,” with the survey pegging the share in that generation at 54%.\u00a0<\/p>\n

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When it comes to income, more of those taking home big bucks have started seeing themselves as “reactors” as inflation and other factors weigh on them.<\/p>\n

Approximately 52% of high-income consumers labeled themselves as “reactors” in the survey.\u00a0<\/p>\n

The proportion of earners characterized as “planners” posted a 25% drop between February of last year and January of this year, according to PYMNTS.<\/p>\n

The real median income for American households was over $80,600 in 2023, according to the latest data from the U.S. Census Bureau.\u00a0<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

How people tackle their finances can vary but, according to new research from PYMNTS, there are two ways that are most common. PYMNTS found just 40% of American consumers are “planners,” meaning their strategy for money had more foresight.\u00a0 That figure has gone down compared to the roughly half who tackled their personal finances that<\/p>\n","protected":false},"author":1,"featured_media":9129,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[44],"tags":[32],"class_list":{"0":"post-43066","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-featured"},"yoast_head":"\nAmericans increasingly abandon financial planning as economic pressures mount | iSafeSpend<\/title>\n<meta name=\"description\" content=\"How people tackle their finances can vary but, according to new research from PYMNTS, there are two ways that are most common. 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