Equitable Survey Reveals Three-Quarters of Americans Feel Their Money Does Not Stretch as Far as It Did a Year Ago

Equitable, a leading financial services organization and principal franchise of Equitable Holdings, Inc. (NYSE: EQH), today announced new findings from a survey of more than 1,000 consumers to help uncover the latest financial trends that are top of mind for Americans.

Equitable’s survey revealed that three-quarters of consumers (75%) feel their money does not go as far as it did a year ago. Despite it being down significantly from its four-decade high in June of 2022,¹ inflation is still the leading financial challenge for many today. More than twice as many survey respondents reported that inflation (39%) remained the greatest impediment to achieving their financial goals, compared to high expenses (17%), income being too low (10%) and high interest rates increasing debt payments (8%).

“We live in an uncertain world, and this undoubtedly impacts how confident we are about our financial futures,” said Nick Lane, President of Equitable. “Take for instance predictions that the Federal Reserve will lower interest rates at some point later this year. Our survey found that only one in three Americans believe that lower interest rates would significantly or moderately improve their confidence in achieving their financial goals.”

This uncertainty impacts all aspects of Americans’ financial lives, including how people balance necessities with discretionary expenses. For example, for many Americans, tax filing season can provide a one-time infusion of extra household income. However, of those who expect to receive a tax refund this year, Equitable’s survey found that eight in 10 respondents plan to allocate their tax refund towards necessities, like helping to cover living expenses (50%) or paying down debt (29%). Only 19% of respondents indicated they would use their tax refund to pay for discretionary expenses like travel or entertainment.

The survey also revealed that individuals could use help throughout the year balancing their immediate spending needs with longer-term savings goals, including financial security in retirement. Seven in 10 respondents use their checking and savings accounts to put aside funds for the future, including for retirement, instead of using more tax-efficient financial solutions with the potential for guaranteed income, such as employer-sponsored retirement plans or annuities.