7 in 10 Americans say monthly debt blocks them from saving and building wealth, poll finds — 4 ways to break the cycle

Core Insights - A significant 71% of American adults feel that monthly debt hinders their ability to save and build wealth, with 17% stating that debt prevents them from planning for the future [1] - The survey indicates that 33% of respondents are "just getting by" financially, and 32% have no non-retirement savings, making them vulnerable to unexpected expenses [1] Financial Stress and Consumer Sentiment - NFCC CEO Mike Croxson emphasizes that financial stress is not a personal failing but a reflection of the uncertainty consumers face in the current economic climate [2] - The ongoing cost-of-living crisis contributes to a pervasive sense of doom, but there are strategies available to help break the cycle of debt [2] Strategies for Financial Management - Building a budget is essential for financial planning, allowing individuals to track their spending and identify areas to save [3] - Utilizing various tools such as apps, spreadsheets, or notebooks can help manage finances by cutting unnecessary expenses [4] - Establishing an emergency fund, starting with a goal of $1,000 and aiming for three to six months' worth of expenses, can prevent further debt accumulation during unexpected financial challenges [5]