TruStage Middle Market Study

Financial confidence vs. economic concern

New TruStage survey identifies a split reality for middle-market consumers

Three-quarters of middle-market consumers in the United States, defined as those with a household income between $55,000 – $160,000, rate their financial situation as good, and 73% still believe the "American Dream" is within reach. Yet beneath this individual confidence lies a more sobering reality; perceptions of economic strength are masking the strain inflation is placing on household spending, future savings and long-term consumer confidence.

"While the 2025 data paints a hopeful personal finance picture of many middle-market Americans, there are concerning trends underneath the surface that cannot be ignored," said Terrance Williams, CEO of TruStage. "An alarming number of individuals, especially younger consumers, women and Black Americans say financial stress negatively impacts their physical or mental health. This tells us our industry can do more and to reverse these trends."

Key findings:

1. Gender Gap

   Women express significantly less optimism than men when it comes to their personal finances, highlighting a persistent gender gap in financial confidence.

   •  67% of women report spending more, saving less due to inflation, compared to 53% of men.

   •  33% of women say their financial situation is bad, compared to 15% of men.

   •  25% of women report their finances are getting worse, compared to 18% of men.

2. Impact on Wellbeing

   Financial stress is taking a measurable toll on individuals’ overall well-being, impacting both mental and physical health.

   •  Over half (56%) say financial stress negatively impacts their physical or mental health, with inflation, higher taxes and a possible recession leading as the top concerns.

   •  The negative impact of financial stress is significantly higher among younger generations with 72% of Gen Z (those between 22 and 28 years old) feeling the effects.

   •  Similarly, Black consumers are feeling negative impacts on a more pronounced level (66%).

3. Use of Digital Tools

   Consumers are gradually embracing technology for financial advice, blending innovation with long-standing traditional habits and relationships with financial institutions.

   •  Search engines (91%), family/friends (93%), and digital news (90%) are the most trusted financial sources.

   •  Despite only 19% of respondents using social media for financial guidance, trust in these platforms has grown, jumping from 67% to 83% since last year.

   •  Budgeting, saving, and tracking expenses remain core strategies for which the middle-market is using technology, while interest is also growing in other AI-driven tech tools.

Media relations contact: Email Leah Huibregtse