The Great Decide

On America’s financial scorecard, people rate their happiness with their overall personal finances a 4.97 out of 10 – and scores need improvement across the board, as the majority (91%) are prioritizing their financial health and happiness in a year of decisions ahead. 

Self-assessment across all dimensions of people’s financial happiness is flagging: Americans rate their satisfaction with their retirement savings an average of 4.54, and the likelihood of retiring at their goal age at 4.93 out of 10. When rating their financial success, scores come in at 4.46, as over half feel success is further away now than it was a year ago (55%). Contentment with salary notches in at 4.65, and people grade their ability to afford a home at a 4.83. 

Market conditions are being factored in, as 7 in 10 think the economy is too uncertain to make big money moves (69%). Still, Americans say they plan to make important decisions in 2025, including figuring out how to make more money (43%); how to be financially happy (37%); and start an emergency savings fund (31%) – as 76% believe they need more savings to prepare for the unexpected. Nearly a third intend to make a financial plan (31% overall; 42% Gen Z, 39% Millennials). 

Navigating decisions

When it comes to making investment decisions, half of Americans say they’re ignoring the noise and taking the long-view approach to the stock market (49%). For 2 in 5 (39%), this time of uncertainty is ripe to make money moves, believing the adage “the bigger the risk, the bigger the reward” – a figure that rises substantially for younger generations (51% Gen Z  and 49% Millennials; compared to 40% Gen X, 22% Boomers) and for those with higher incomes (50% for those earning over $100k+). Almost half say they are going back to the basics by investing more in cash and gold (46%).

The study also uncovers a “generational decide” underway. To navigate uncertainty, Americans see an opportunity to strengthen their personal network, which people currently pinpoint at a 5.55 out of 10. These valuable connections, often across age groups, are perceived as linked to career and wealth building at a time when younger people stand to gain an estimated $84 trillion in the largest inter-generational wealth transfer in history.¹ For almost all, financial independence and interdependence go hand-in-hand: people say not having to rely on anyone else for money is as much a part of their happiness (84%) as being able to financially take care of their loved ones (81%).

Advice advantage

Six in 10 (58%) say they need trusted financial counsel now, more than ever, as confidence in getting good financial advice trails at a 5.14 out of 10 and satisfaction with their financial plan is a 5.08. 

The upshot is 78% say having a financial plan to guide their decisions ahead makes them happier and less stressed. For the majority, health equals wealth (70%) and most agree that talking with a financial professional about their money goals is important (65%).  

“Measuring what matters is one goal of our research. Everyone has their own idea of a perfect score as they define financial happiness,” notes Rickert.

More key findings from the report:

• Stress relievers: To reduce their financial stress, Americans are decreasing their discretionary spending and non-essential expenses (32%), switching to cheaper brands than they normally buy (32%) and building an emergency savings fund (30%).
• In advice we trust: Americans say financial professionals are the most trusted source of good money advice (50%) compared to just 10% for social media, 9% for AI, and 7% for influencers or podcasters.
• Barriers to making it: Americans say the biggest roadblocks to achieving financial happiness include income (35%) and feeling like expenses are adding up (35%). Close to a third feel that they are not in a place where they can save money (31%).
• Windfall wins: 74% say having more money would solve most of their problems, but a little can go a long way -- 71% agree a windfall of just $5,000 would increase their financial happiness by at least six months. One quarter (22%) say they are  banking on an inheritance to make ends meet.
• Signs of the times: Just over half of Americans say money can buy happiness (51%), which is a slight drop from the 59% who answered yes to the same question in 2023.
• Eye on AI: Americans rate the likelihood of AI replacing them at their jobs one day at a 3.72. They rank their level of comfort using AI for their personal finances nearly the same (3.73).

*ABOUT THE STUDY

Empower’s “The Great Decide” study is based on online survey responses from 2,208 Americans ages 18+ fielded by a third-party panel provider from March 20-21, 2025. The survey is weighted to be nationally representative of U.S. adults (aged 18+).