Even though many Americans say they’re currently feeling financial stress, KeyBank’s annual Financial Mobility Survey finds that Americans are “closer to their personal financial comfort goals than they may realize.”

The bank says the feeling of financial stress is a case of “financial imposter syndrome,” which refers to the self-doubt many people feel about their financial skills and money moves versus the actual reality of their financial picture, according to the Jan. 14 study announcement.

Cleveland, Ohio–based KeyBank (NYSE: KEY) operates branches throughout upstate New York. It ranks No. 2 in deposit market share in the 16-county Central New York region.

The survey polled more than 1,000 Americans to gain insight into respondents’ spending and savings habits, levels of financial confidence, stress, resiliency, economic sentiment, and the impacts of debt.

In the survey, KeyBank found that even though many Americans are feeling anxious that they’re falling behind financially, “they do have solid plans for their finances and are making the right money moves.”

The survey found that half (50 percent) of Americans say they feel financial stress, but 45 percent of respondents are certain they could come up with $2,000 if an unexpected need arose within the next month.

Other findings

The financial imposter syndrome survey found that Americans are stressed about debt with 33 percent indicating they often feel stressed or anxious about their debt situation. Yet, two in five (37 percent) say they need to pay down less than $5,000 to relieve this stress.

Also, 34 percent of Americans say they are confident they could come up with $5,000 if they needed to do so.

Despite stress, most Americans are meeting their monthly payments. The survey report indicated that 70 percent are confident they can pay off their credit card every month and 87 percent are confident in meeting monthly rent or mortgage payments. Moreover, 44 percent of Americans say they do not have credit-card debt.

The survey findings also indicate that though 63 percent of Gen Z respondents feel financially stressed, nearly three in four (73 percent) report they’re moving closer to having enough to live comfortably.

On the worrisome side, homeownership continues to “feel unattainable for most.” The survey found 46 percent of respondents who do not own a home say that homeownership is not attainable for their families, up from 39 percent last year. However, to help combat that, 23 percent of survey respondents say understanding special purpose credit programs would increase their confidence in homebuying.

“Despite having solid strategies in place and the economy showing signs of recovery, Americans still feel a pervasive sense of scarcity and insecurity when it comes to their financial well-being,” Daniel Brown, executive VP and director of consumer product management at KeyBank, said in the announcement. “This mindset often doesn’t align with their actual financial health, which is stronger than they perceive it to be. As a financial partner, we empower our clients to help them bridge this gap, see their true financial potential, make decisions with confidence, not fear, and take pride in the steps they have taken along their journeys.”

Seeking breaks to meet financial goals

KeyBank says many Americans are managing their day-to-day finances effectively, but some are seeking those “big money breaks” that could “shift their financial mindset and unlock long-term goals.”

More than two-thirds (68 percent) of Americans say they need more money to live comfortably, and nearly half (45 percent) are less than $2,500 per month away from reaching that “comfort goal.” For some, this could mean taking on a second job or side hustle to close this gap.

Still, just over half (54 percent) of respondents say they are moving closer to this goal and 32 percent say they already live comfortably.

“For many families, $2,500 a month isn’t just a number — it’s a meaningful milestone that can represent real transformation,” Brown said. “We recognize that financial comfort looks different for everyone, and there’s no one-size-fits-all approach to setting and reaching financial goals. The first step in the right direction is to assess your budget so that any goals you set and steps you take are meaningful, purposeful, and specific to you, rather than anyone else’s definition of success.”

Despite this, many Americans still struggle with long-term goals, and homeownership is at the top of the list. Nearly two-thirds (63 percent) say they are not confident in their ability to take on a mortgage and 54 percent indicate that they are not confident they can contribute more to a retirement account, such as a 401(k) or an IRA. Accomplishing short-term goals, such as creating and sticking to a budget, is a “significant step” in building financial resiliency for the long term.

Methodology

Schmidt Market Research conducted the online survey. It included 1,000 Americans who completed the survey in September 2024. Respondents were between the ages 18 and 70, with sole or shared responsibility for household financial decisions and who own a checking or savings account. The survey asked respondents about their financial attitudes, understanding, awareness, and actions over the prior year.