A 2024 Pew Research Center survey found that 59% of Americans felt very or extremely confident they can budget. A 2023 NerdWallet survey found that 74% of Americans had a monthly budget. A 2024 Debt.com survey found that around 90% of Americans report they budget their money.

Since so many Americans say they are budgeting, WHY ARE SO MANY PEOPLE STRUGGLING FINANCIALLY? What gives? The quick answer is reality overcomes good intentions. That same 2023 NerdWallet survey found that 83% of people who have monthly budgets said they exceed it. Many said they use credit cards to cover the overspending. Not good!

A 2025 Investopedia survey found that only 22% of people who created a budget stick to it. So, while most of us understand the need for a budget and many do create one, many either can’t or don’t adhere to it. Put another way, approximately 85% of Americans either have no budget or cannot stick to the one they’ve created. On the other hand, Long Angle, which focuses on wealthy individuals and wealth management, found in a 2024 survey that only 36% of Americans have a written financial plan.

WHAT TO DO?
Budgeting and financial planning are two very important and related wealth creation, wealth sustaining tools.

In this series, we’ll talk about budgeting in a slightly different way than we have in the past. We’ve talked plenty about wants versus needs. And, distinguishing between the two is important. We hope to help you (and your loved ones) think differently about those wants and needs. In the next two Board Brief, we will talk about budgets and why most people exceed them. We’ll also talk about setting yourself up for the future by thinking from a financial planning perspective.

OUR ADVICE
Most of us do not have unlimited financial resources. We need to be purposeful about them to build wealth that leads to financial freedom.

Whatever your financial need, we’re here to help