2024 Household Financial Insecurity Report
Money is a little bit like air: You may only worry about it when you don’t have enough. But according to our 2024 Household Financial Insecurity Report, more than a third of Americans are financially gasping.
Using U.S. Census Bureau Household Pulse Survey data to delve into the difficulties Americans face in paying for usual household expenses — like food, housing and medicine — we found that financial insecurity is up 6.7% compared to the same period in 2022, a figure that jumps to 25.0% among the youngest demographic studied (18 to 24).
Below, see data broken down by age group, state and more.
Key findings
- More than 1 in 3 American households are financially insecure in 2024. 36.4% of households reported in April that they had a somewhat or very difficult time paying their usual household expenses in the past week. That’s up 6.7% from 34.1% during the same period in 2022.
- Changes in household financial insecurity decrease with age. Americans ages 18 to 24 saw the biggest increase (25.0%) in difficulty paying expenses between 2022 and 2024, but that lowered with each age range examined. In fact, Americans 65 and older saw a 4.1% decrease in difficulty in this period.
- 31 states have seen an increase in difficulty paying household expenses. Between 2022 and 2024, three Western states — Washington (41.6%), Wyoming (33.4%) and Montana (30.7%) — saw the most dramatic increases in difficulty.
- Three different states report the highest financial insecurity in 2024. More than 4 in 10 households in Alabama (43.9%), Mississippi (43.6%) and Nevada (42.2%) reported difficulties in April 2024. Only D.C. reported that less than 1 in 4 households (24.9%) said the same.
More households are more financially insecure than 2 years ago
In April 2024, 36.4% of Americans expressed experiencing significant difficulty in paying for regular household expenses. (The Household Pulse Survey notes this includes “food, rent or mortgage, car payments, medical expenses, student loans and so on.”) That’s 6.7% higher than the 34.1% who expressed the same difficulty in 2022.
“It’s troubling that 1 in 3 American households are financially insecure,” says LendingTree chief credit analyst Matt Schulz, “but it shouldn’t be terribly surprising. The perfect storm of record debt, sky-high interest rates and stubborn inflation has resulted in many Americans’ financial margin of error shrinking to virtually zero.”
% of households having difficulty paying usual household expenses (nationally)
| Time frame | Percentage |
|---|---|
| April 2022 | 34.1% |
| April 2023 | 38.7% |
| April 2024 | 36.4% |
Source: LendingTree analysis of U.S. Census Bureau Household Pulse Surveys, conducted from April 2 to April 29, 2024, March 29 to April 10, 2023, and March 30 to April 11, 2022.
Interestingly, the latest figure represents a slight decrease from the 38.7% of households experiencing financial insecurity in 2023. This may suggest that some households have found ways to recover despite the continued inflation and high interest rate challenges. (According to the Bureau of Labor Statistics, or BLS, the median weekly earnings of full-time, salaried employees rose from $1,059 in 2022 to $1,117 in 2023.)
Changes in household financial insecurity decrease with age
Although each studied age group is plagued by substantial levels of financial insecurity, increases between 2022 and 2024 are negatively correlated with age. While Americans ages 18 to 24 saw a 25.0% increase in difficulty keeping themselves afloat, those 25 to 39 saw a relatively low growth of 8.8%.
The trend continues: Americans 40 to 54 saw a 5.7% increase in financial insecurity between those two years, while those 55 to 64 experienced an increase of only 2.8%. The last studied group, those 65 and older, saw a decrease in financial insecurity during that time, of 4.1%.
With age usually comes career experience — which can create more earning opportunities and increased cash flow and financial stability. Additionally, younger Americans might still be disentangling from parental support. Coupled with recent economic challenges, that could create a difficult landscape in which to attain independence.
% of U.S. households having difficulty paying usual household expenses (by age)
| Age | 2022 | 2024 | % change, 2022 to 2024 |
|---|---|---|---|
| 18 to 24 | 32.2% | 40.2% | 25.0% |
| 25 to 39 | 39.8% | 43.3% | 8.8% |
| 40 to 54 | 39.2% | 41.4% | 5.7% |
| 55 to 64 | 33.2% | 34.1% | 2.8% |
| 65 and older | 23.0% | 22.1% | -4.1% |
Source: LendingTree analysis of U.S. Census Bureau Household Pulse Surveys, conducted from April 2 to April 29, 2024, and March 30 to April 11, 2022.
Other demographics were analyzed, too. Women (6.1%) and men (7.2%) saw similar increases across the studied two-year period. However, women (38.6%) are still more likely than men (34.0%) overall to experience financial insecurity.
% of U.S. households having difficulty paying usual household expenses (by gender)
| Gender | 2022 | 2024 | % change, 2022 to 2024 |
|---|---|---|---|
| Men | 31.7% | 34.0% | 7.2% |
| Women | 36.4% | 38.6% | 6.1% |
Source: LendingTree analysis of U.S. Census Bureau Household Pulse Surveys, conducted from April 2 to April 29, 2024, and March 30 to April 11, 2022.
Perhaps unsurprisingly, given the rising cost of raising a child in America, households with children younger than 18 (44.3%) are significantly more likely to report financial insecurity in 2024 than their child-free counterparts (32.1%). They also saw a slightly sharper increase over the two studied years (8.8% versus 5.9%).
% of U.S. households having difficulty paying usual household expenses (by children)
| Children younger than 18 | 2022 | 2024 | % change, 2022 to 2024 |
|---|---|---|---|
| Yes | 40.7% | 44.3% | 8.8% |
| No | 30.3% | 32.1% | 5.9% |
Source: LendingTree analysis of U.S. Census Bureau Household Pulse Surveys, conducted from April 2 to April 29, 2024, and March 30 to April 11, 2022.
One piece of encouraging news: Black Americans saw a drop in financial insecurity between 2022 and 2024 — and substantially at 12.1%. Unfortunately, though, they were the only studied race to see such a trend. Asian Americans saw the highest increase in financial insecurity over the two years at 16.5%, followed by Hispanic or Latino households (9.2%) and white households (8.9%).
% of U.S. households having difficulty paying usual household expenses (by race)
| Race | 2022 | 2024 | % change, 2022 to 2024 |
|---|---|---|---|
| Hispanic or Latino | 44.0% | 48.1% | 9.2% |
| White | 29.5% | 32.1% | 8.9% |
| Black | 47.8% | 42.0% | -12.1% |
| Asian | 25.4% | 29.6% | 16.5% |
| 2 or more races | 42.6% | 44.4% | 4.2% |
Source: LendingTree analysis of U.S. Census Bureau Household Pulse Surveys, conducted from April 2 to April 29, 2024, and March 30 to April 11, 2022.
31 states see increase in difficulty paying household expenses
Overall, the majority of U.S. states have seen an increase in financial insecurity between 2022 and 2024 — with the West leading the way. Of the 31 states that saw an increase in difficulty paying the bills over that time frame, Washington’s was the steepest at 41.6%, followed by Wyoming (33.4%) and Montana (30.7%).
While it’s hard to say why some states experienced such high spikes, Washington’s dramatic increase in financial insecurity may be related at least in part to increasing housing costs — especially in already high-cost areas like Seattle. Across the 50 largest U.S. metros, Seattle has the seventh-highest median monthly housing costs for homes with a mortgage ($2,638) and the seventh-highest median monthly gross rent ($1,848) — creating the eighth-biggest spread in costs between renting and owning.
Plus, after the massive pandemic-era shift to remote work, more professionals have been free to move to wide open spaces — and dramatically increase their housing prices, which may account for some of the changes in states like Wyoming, Montana and Idaho.
States with the biggest increases/decreases in people having difficulty paying usual household expenses (2022 to 2024)
| Rank | State | 2022 | 2024 | % change |
|---|---|---|---|---|
| 1 | Washington | 25.0% | 35.4% | 41.6% |
| 2 | Wyoming | 30.2% | 40.3% | 33.4% |
| 3 | Montana | 29.0% | 37.9% | 30.7% |
| 4 | Idaho | 30.2% | 39.3% | 30.1% |
| 5 | Utah | 28.8% | 36.3% | 26.0% |
| 6 | Texas | 34.1% | 41.9% | 22.9% |
| 7 | Colorado | 28.6% | 33.9% | 18.5% |
| 8 | Connecticut | 30.6% | 35.3% | 15.4% |
| 9 | Rhode Island | 31.0% | 35.6% | 14.8% |
| 10 | California | 34.4% | 39.0% | 13.4% |
| 11 | Alabama | 39.0% | 43.9% | 12.6% |
| 12 | New Jersey | 32.9% | 36.9% | 12.2% |
| 13 | South Carolina | 33.2% | 36.5% | 9.9% |
| 14 | Ohio | 31.7% | 34.8% | 9.8% |
| 15 | Maryland | 31.8% | 34.9% | 9.7% |
| 16 | Alaska | 32.6% | 35.3% | 8.3% |
| 16 | Nebraska | 29.0% | 31.4% | 8.3% |
| 18 | Missouri | 32.8% | 35.5% | 8.2% |
| 19 | New York | 34.1% | 36.6% | 7.3% |
| 20 | New Hampshire | 32.6% | 33.9% | 4.0% |
| 21 | Indiana | 33.4% | 34.7% | 3.9% |
| 21 | Minnesota | 28.3% | 29.4% | 3.9% |
| 23 | Arkansas | 35.3% | 36.6% | 3.7% |
| 24 | Iowa | 29.0% | 29.9% | 3.1% |
| 25 | Pennsylvania | 31.8% | 32.7% | 2.8% |
| 26 | North Carolina | 34.2% | 34.9% | 2.0% |
| 26 | Oregon | 29.9% | 30.5% | 2.0% |
| 28 | Michigan | 33.8% | 34.0% | 0.6% |
| 29 | Georgia | 40.3% | 40.5% | 0.5% |
| 30 | Arizona | 36.1% | 36.2% | 0.3% |
| 30 | Kentucky | 37.4% | 37.5% | 0.3% |
| 32 | Nevada | 42.3% | 42.2% | -0.2% |
| 33 | Hawaii | 29.1% | 29.0% | -0.3% |
| 34 | North Dakota | 32.8% | 32.6% | -0.6% |
| 34 | South Dakota | 32.5% | 32.3% | -0.6% |
| 36 | Massachusetts | 30.3% | 30.1% | -0.7% |
| 37 | Wisconsin | 31.6% | 31.2% | -1.3% |
| 38 | Kansas | 32.6% | 32.1% | -1.5% |
| 39 | Oklahoma | 42.7% | 42.0% | -1.6% |
| 40 | Vermont | 30.0% | 29.3% | -2.3% |
| 41 | Virginia | 29.6% | 28.8% | -2.7% |
| 42 | Florida | 39.3% | 38.2% | -2.8% |
| 43 | West Virginia | 43.4% | 42.0% | -3.2% |
| 44 | Illinois | 32.2% | 31.1% | -3.4% |
| 45 | Tennessee | 40.2% | 38.7% | -3.7% |
| 46 | Delaware | 34.0% | 32.7% | -3.8% |
| 47 | District of Columbia | 26.5% | 24.9% | -6.0% |
| 48 | Mississippi | 47.3% | 43.6% | -7.8% |
| 49 | New Mexico | 39.6% | 36.3% | -8.3% |
| 50 | Maine | 34.7% | 30.5% | -12.1% |
| 51 | Louisiana | 45.3% | 39.4% | -13.0% |
Source: LendingTree analysis of U.S. Census Bureau Household Pulse Surveys, conducted from April 2 to April 29, 2024, and March 30 to April 11, 2022.
At the other end of the spectrum, though, some states enjoyed decreased financial insecurity over the same period. Louisiana leads at 13.0%, followed by Maine (12.1%) and New Mexico (8.3%).
While, again, it’s difficult to speculate as to why certain states enjoyed these decreases, it’s worth noting that many of the states are among those with lower-than-average costs of living — which may make it more feasible for households to withstand inflation and other economic challenges.
Both Louisiana and New Mexico are among the 20 states with the lowest costs of living in the first quarter of 2024, per the Missouri Economic Research and Information Center (MERIC), though Maine’s is 11.3 points higher than the national average.
Despite 2-year increases, 39 states see year-over-year decreases
In some redeeming news, when narrowed to a year-over-year view between 2023 and 2024, the majority of states — 39 — saw decreases in financial insecurity. Winners in this aspect include “big states,” as Schulz puts it, “like California, Florida, Illinois and Pennsylvania.” (These saw decreases of 10.1%, 5.4%, 16.6% and 9.7%, respectively.)
However, the leaders of the pack are less densely populated states. South Dakota took first with a decrease of 22.0%, followed by Oregon (20.6%) and Missouri (18.9%).
While this doesn’t reverse the disturbing trend outlined above, it’s still cause for hope. “There’s still plenty of room for improvement,” says Schulz, “but that positive trend is encouraging.”
States with the biggest increases/decreases in people having difficulty paying usual household expenses (2023 to 2024)
| Rank | State | 2023 | 2024 | % change |
|---|---|---|---|---|
| 1 | Washington | 29.9% | 35.4% | 18.4% |
| 2 | District of Columbia | 21.3% | 24.9% | 16.9% |
| 3 | Idaho | 34.6% | 39.3% | 13.6% |
| 4 | Wyoming | 35.9% | 40.3% | 12.3% |
| 5 | West Virginia | 39.1% | 42.0% | 7.4% |
| 6 | Utah | 34.2% | 36.3% | 6.1% |
| 7 | Vermont | 27.9% | 29.3% | 5.0% |
| 8 | Wisconsin | 29.8% | 31.2% | 4.7% |
| 9 | North Carolina | 34.0% | 34.9% | 2.6% |
| 10 | New Hampshire | 33.3% | 33.9% | 1.8% |
| 11 | Montana | 37.8% | 37.9% | 0.3% |
| 12 | Minnesota | 29.4% | 29.4% | 0.0% |
| 13 | Texas | 42.0% | 41.9% | -0.2% |
| 14 | Massachusetts | 30.3% | 30.1% | -0.7% |
| 15 | Tennessee | 39.1% | 38.7% | -1.0% |
| 16 | Alabama | 44.4% | 43.9% | -1.1% |
| 17 | New York | 37.2% | 36.6% | -1.6% |
| 18 | Colorado | 34.7% | 33.9% | -2.3% |
| 19 | North Dakota | 33.5% | 32.6% | -2.7% |
| 20 | New Jersey | 38.1% | 36.9% | -3.1% |
| 21 | South Carolina | 37.7% | 36.5% | -3.2% |
| 22 | Arizona | 37.5% | 36.2% | -3.5% |
| 23 | Arkansas | 38.5% | 36.6% | -4.9% |
| 24 | Florida | 40.4% | 38.2% | -5.4% |
| 25 | Maine | 32.3% | 30.5% | -5.6% |
| 25 | Connecticut | 37.4% | 35.3% | -5.6% |
| 27 | New Mexico | 38.5% | 36.3% | -5.7% |
| 28 | Indiana | 37.0% | 34.7% | -6.2% |
| 29 | Michigan | 36.5% | 34.0% | -6.8% |
| 30 | Nebraska | 33.8% | 31.4% | -7.1% |
| 31 | Maryland | 37.7% | 34.9% | -7.4% |
| 32 | Louisiana | 42.9% | 39.4% | -8.2% |
| 33 | Delaware | 35.7% | 32.7% | -8.4% |
| 34 | Georgia | 44.6% | 40.5% | -9.2% |
| 35 | Nevada | 46.6% | 42.2% | -9.4% |
| 36 | Alaska | 39.0% | 35.3% | -9.5% |
| 37 | Pennsylvania | 36.2% | 32.7% | -9.7% |
| 38 | Oklahoma | 46.7% | 42.0% | -10.1% |
| 38 | California | 43.4% | 39.0% | -10.1% |
| 40 | Ohio | 38.8% | 34.8% | -10.3% |
| 41 | Kansas | 36.3% | 32.1% | -11.6% |
| 42 | Mississippi | 50.7% | 43.6% | -14.0% |
| 43 | Kentucky | 44.3% | 37.5% | -15.3% |
| 44 | Iowa | 35.5% | 29.9% | -15.8% |
| 45 | Illinois | 37.3% | 31.1% | -16.6% |
| 46 | Virginia | 34.6% | 28.8% | -16.8% |
| 47 | Rhode Island | 42.9% | 35.6% | -17.0% |
| 48 | Hawaii | 35.3% | 29.0% | -17.8% |
| 49 | Missouri | 43.8% | 35.5% | -18.9% |
| 50 | Oregon | 38.4% | 30.5% | -20.6% |
| 51 | South Dakota | 41.4% | 32.3% | -22.0% |
Source: LendingTree analysis of U.S. Census Bureau Household Pulse Surveys, conducted from April 2 to April 29, 2024, and March 29 to April 10, 2023.
Different states report highest financial insecurity in 2024
Per our 2024 Household Financial Insecurity Report, the states reporting the highest increase in financial insecurity over the last two years don’t line up with those reporting the highest level of financial insecurity currently.
Alabama and Mississippi have median household incomes substantially lower than the U.S. median of $75,149 — per Census Bureau data — at $59,609 and $52,985, respectively. Nevada’s median household income is only a few thousand dollars lower than the national median, but its April 2024 unemployment rate is slightly higher than the national average that month — 5.1% versus 3.9%.
“It makes sense that Alabama and Mississippi were among the states with the highest financial insecurity,” notes Schulz — along with their lower-than-average income levels, he says, the states also have lower-than-average credit scores. “When you combine that lack of income with the limited access to credit due to low credit scores, it makes for a challenging situation.”
States where people have the most difficulty paying usual household expenses (2024)
| Rank | State | Reporting population | # reporting it's somewhat or very difficult to pay usual expenses | % reporting it's somewhat or very difficult to pay usual expenses |
|---|---|---|---|---|
| 1 | Alabama | 3,217,136 | 1,412,902 | 43.9% |
| 2 | Mississippi | 1,891,897 | 824,529 | 43.6% |
| 3 | Nevada | 2,175,649 | 917,971 | 42.2% |
| 4 | Oklahoma | 2,631,718 | 1,105,987 | 42.0% |
| 4 | West Virginia | 1,169,890 | 491,622 | 42.0% |
| 6 | Texas | 19,606,498 | 8,208,346 | 41.9% |
| 7 | Georgia | 7,065,742 | 2,859,851 | 40.5% |
| 8 | Wyoming | 403,344 | 162,573 | 40.3% |
| 9 | Louisiana | 2,882,054 | 1,136,113 | 39.4% |
| 10 | Idaho | 1,313,315 | 515,916 | 39.3% |
| 11 | California | 25,548,117 | 9,956,257 | 39.0% |
| 12 | Tennessee | 4,811,421 | 1,863,753 | 38.7% |
| 13 | Florida | 15,542,578 | 5,941,747 | 38.2% |
| 14 | Montana | 776,825 | 294,728 | 37.9% |
| 15 | Kentucky | 2,890,404 | 1,084,742 | 37.5% |
| 16 | New Jersey | 6,027,620 | 2,226,333 | 36.9% |
| 17 | Arkansas | 1,974,034 | 722,542 | 36.6% |
| 17 | New York | 13,043,326 | 4,771,306 | 36.6% |
| 19 | South Carolina | 3,668,092 | 1,337,361 | 36.5% |
| 20 | Utah | 2,275,814 | 826,906 | 36.3% |
| 20 | New Mexico | 1,421,158 | 515,445 | 36.3% |
| 22 | Arizona | 5,053,632 | 1,831,878 | 36.2% |
| 23 | Rhode Island | 737,133 | 262,625 | 35.6% |
| 24 | Missouri | 4,082,299 | 1,450,853 | 35.5% |
| 25 | Washington | 5,499,766 | 1,948,005 | 35.4% |
| 26 | Alaska | 465,011 | 164,217 | 35.3% |
| 26 | Connecticut | 2,402,677 | 848,055 | 35.3% |
| 28 | North Carolina | 7,371,096 | 2,575,249 | 34.9% |
| 28 | Maryland | 4,041,518 | 1,410,078 | 34.9% |
| 30 | Ohio | 7,728,983 | 2,693,028 | 34.8% |
| 31 | Indiana | 4,530,680 | 1,573,710 | 34.7% |
| 32 | Michigan | 6,777,750 | 2,301,986 | 34.0% |
| 33 | New Hampshire | 1,013,207 | 343,815 | 33.9% |
| 33 | Colorado | 4,070,900 | 1,381,390 | 33.9% |
| 35 | Pennsylvania | 8,429,325 | 2,759,207 | 32.7% |
| 35 | Delaware | 696,072 | 227,518 | 32.7% |
| 37 | North Dakota | 505,071 | 164,872 | 32.6% |
| 38 | South Dakota | 604,476 | 195,489 | 32.3% |
| 39 | Kansas | 1,884,979 | 604,605 | 32.1% |
| 40 | Nebraska | 1,304,858 | 409,278 | 31.4% |
| 41 | Wisconsin | 3,963,381 | 1,237,429 | 31.2% |
| 42 | Illinois | 8,017,549 | 2,496,258 | 31.1% |
| 43 | Oregon | 2,934,451 | 896,288 | 30.5% |
| 43 | Maine | 1,006,830 | 307,329 | 30.5% |
| 45 | Massachusetts | 4,619,434 | 1,391,403 | 30.1% |
| 46 | Iowa | 2,100,616 | 628,379 | 29.9% |
| 47 | Minnesota | 3,852,647 | 1,133,951 | 29.4% |
| 48 | Vermont | 468,998 | 137,449 | 29.3% |
| 49 | Hawaii | 981,683 | 285,003 | 29.0% |
| 50 | Virginia | 5,759,799 | 1,661,673 | 28.8% |
| 51 | District of Columbia | 483,081 | 120,469 | 24.9% |
Source: LendingTree analysis of U.S. Census Bureau Household Pulse Survey, conducted from April 2 to April 29, 2024.
Meanwhile, the District of Columbia enjoys the lowest level of financial insecurity in the country at 24.9%. It’s the only geographic area where less than a quarter of residents are experiencing significant financial struggles. Virginia comes in next at 28.8%, followed by Hawaii at 29.0%.
All three of these areas enjoy median household incomes that substantially exceed the national median: D.C. residents earn a median of $101,722 per year, followed by Hawaii residents at $94,814 and Virginians at $87,249.
3 tips for coping with financial insecurity
With so many American households facing financial struggles and living paycheck to paycheck, it’s important to remember that such obstacles are surmountable. There’s a breath of fresh air waiting for those who follow these three expert tips.
- Prioritize your emergency fund. Even if you’re paying off debt, building an emergency fund should be a priority — precisely because you’re less likely to go into debt if you have one. If saving is difficult, consider setting up automatic transfers, and budget for saving just like you would for any other expense.
- Consider debt consolidation. If you’ve found yourself going into credit card debt to keep up with the rising cost of day-to-day living expenses, debt consolidation can offer a leg up — and save you money on interest in the long run. Along with helping you get out of the debt spiral sooner, the savings can also amplify that emergency fund mentioned.
- Finally, remember you’re not alone. “If you feel helpless or hopeless,” Schulz says, “know help is out there. Many organizations, including government agencies, nonprofit groups, faith-based organizations and more, exist to help people who are really, really struggling. It can be difficult to ask for help, but it’s so important. You owe it to yourself and your family to seek help if you need it.”
Methodology
LendingTree researchers analyzed data from the U.S. Census Bureau Household Pulse Survey to show where households are having the most difficulty paying their usual household expenses.
Analysts compared the number of households that reported having a somewhat or very difficult time paying their usual expenses over the past week (at the time of the surveys) to the total number of households.
We mainly used data from Phase 4.1, Cycle 4 — fielded April 2 to 29, 2024 — and Week 43 — March 30 to April 11, 2022. We supplemented this with data from Week 56 — March 29 to April 10, 2023.