New Study Shows Financial Imposter Syndrome Fuels Consumer Anxieties

Financial Stress and Debt - One-third of Americans (33%) feel daily anxiety due to debt, yet 37% need to pay down less than $5,000 to relieve this stress [3] - 70$2,500 per month away from reaching that comfort goal [2] - 54% of respondents say they are moving closer to their financial comfort goal, and 32% say they already live comfortably [2] - 73% of Gen Z respondents report they're moving closer to having enough to live comfortably, despite 63% feeling financially stressed [3] Homeownership and Long-Term Goals - 46% of respondents who do not own a home say that homeownership is not attainable for their families, up from 39% last year [3] - 63% of Americans are not confident in their ability to take on a mortgage, and 54% are not confident they can contribute more to a retirement account [5][7] - 23% of survey respondents say understanding special purpose credit programs would increase their confidence in homebuying [3] Financial Resilience and Confidence - 45% of respondents are certain they could come up with $2,000 if an unexpected need arose within the next month [4] - 34$5,000 if they needed to [3] - Accomplishing short-term goals, such as creating and sticking to a budget, is a significant step in building financial resiliency for the long term [7] Financial Imposter Syndrome and Resources - Financial imposter syndrome refers to the self-doubt many people feel about their financial skills versus the actual reality of their financial picture [1] - KeyBank offers online resources, including the Financial Wellness Center's Banking 101 curriculum, and local bankers to help clients understand their financial situation and build confidence [8]