46% of Adults Cite High Costs as Main Barrier to Financial Security

Forty-six percent of surveyed adults identify the cost of living as the primary obstacle to achieving financial security. The finding comes from a ConsumerAffairs survey of 1,000 adults between the ages of 18 and 64, conducted to assess current financial habits and goals.

The data indicates a shift in how Americans define stability. More than half of respondents stated that financial security simply means avoiding a paycheck-to-paycheck existence. Dayna Edens, the public relations manager at ConsumerAffairs, noted that this baseline has lowered. "Truly just making ends meet is now the new bar, the new goal set for being financially secure," Edens said.

Savings levels remain low for many. Four in ten respondents reported having less than $1,000 in liquid assets, excluding retirement accounts and home equity. Nineteen percent said they have no savings set aside at all. Edens described this cash reserve as necessary for unexpected events like an emergency room visit or a car transmission failure.

Only 20% of participants could name the exact dollar amount required to feel secure. When asked what change would make the biggest difference, respondents did not choose paying off debt or buying a home. Instead, they prioritized covering monthly expenses and retaining a surplus.

Financial experts included in the report advise building emergency funds and reducing high-interest debt. Edens emphasized the need for realism given current economic conditions. "You may not necessarily be the issue right now. You know, cost of livings are high. Do what you can right now to stay afloat," she said.