Millions of Americans are Paper-Wealthy, Wallet-Poor

Read the full Washington Post column highlighting a report that explains the paradox and divides Americans into three groups, showing how people differ in their money mindsets. 

Even Americans who feel like they earn a good salary are showing signs of strain, according to a newly released report from Gallup and Edward Jones. The report found that 16% of Americans report high financial confidence, 51% are feeling a mix of economic stability and strain, and 32% say they are financially stressed.

Millions of people are contacting 211 just to keep a roof over their heads, food on the table, and the lights on. Last year, 211 referrals jumped to 19 million — a million more than the previous year — and calls for employment assistance surged by 28% according to data from 211 supporter United Way Worldwide.

“For me, it is less about affording luxuries and more so knowing that if I lost my job tomorrow, I could still pay my mortgage for the next few months," a 30-year-old Michigan man told researchers.

“I would say we are stable, but we have concerns with the way the economy is going,” a 54-year-old woman from Missouri said, noting that her family canceled vacation plans this year. “This is a newer challenge for us,” she said. “I’d say it’s gotten worse in the last three to four months, just with world events and gas prices, and price increases just not coming down.”

Those who report high financial confidence were more likely to intentionally track their money, seek professional guidance and plan for the future, according to David Gunn, head of the U.S. and Canada Business Units at Edward Jones.