Concerns about financial stability have increased among Americans, according to the BMO Real Financial Progress Index. The index shows a notable rise in anxiety over personal finances between March and April 2025. A significant 59% of Americans express heightened concern about their financial situation, marking a 14-point increase from March. This concern is more pronounced among Gen Z and Millennials, with a 17-point rise.
A majority of Americans (75%) report growing worries about the cost of living, an increase of 12 points from March. Gen Z respondents show an even sharper rise in concern, with an 18-point increase. Additionally, two-thirds (67%) of Americans are more worried about import tariffs compared to the previous month.
"Consumers have told us in this survey that higher tariffs and rising tariff uncertainty are rattling their confidence in their finances," stated Scott Anderson, Chief U.S. Economist at BMO. He noted that younger individuals feel particularly vulnerable due to potential job losses and limited savings.
Paul Dilda, Head of U.S. Consumer Strategy at BMO, emphasized the importance of practical advice for financial progress: "With more Americans feeling the pinch from rising costs and financial uncertainty... building a realistic budget [and] making smart choices about credit and debt" can help manage these challenges.
Concerns over a potential recession have also risen, with two-thirds (67%) indicating increased anxiety compared to March's 57%. Gen Z respondents showed rapid growth in concern with an 18-point increase.
Inflation worries have surged as well; those expressing heightened concern rose to 71% in April from March's 63%. Again, Gen Z respondents displayed significant increases in apprehension.
Job security is another area of growing unease; roughly one-quarter (26%) fear job loss more than before. Among Gen Z and Millennial respondents, this worry is even greater.
"In today's shifting environment... we're seeing a growing demand for personalized financial and investment advice," said Michele Havens from BMO U.S. Wealth Management.
The research was conducted by Ipsos between March 3-26 and April 17-21 among American adults aged 18+, reflecting census demographics with a credibility interval of +/-2.7%.
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