Side hustles: Can they help Americans reach their financial goals?
While 4 out of 5 working Americans say their financial situation is causing them anxiety, they want personal finance advice on side hustles, investing, budgeting and debt management to improve their situation, says a new survey.
With the current inflation surge now stretching past two years, four out of five Americans say their financial situation is causing them financial anxiety, with most interested in seeking advice on personal finance goals to improve their situation.
The BMO Real Financial Progress Index reveals this, and other financial confidence measures, in their latest poll of working Americans. The survey notes highlighted topics where employees want additional guidance, which include:
- Investing (43%)
- Side hustles (37%)
- Saving (27%)
- Budgeting (25%)
- Debt management (25%)
Year after year, more and more Americans say their housing costs, credit card debt, and monthly bills are preventing them from making real financial progress.
“With increasing costs proving challenging for many, it’s important that Americans know there are free resources available to help make financial progress, even in uncertain periods, such as meeting with your banker to create a budget and help build a personalized plan to make the most of their money that also address the various sources of income a person may have,” said Paul Dilda, Head of Consumer Strategy at BMO.
Related: Beyond retirement planning: Support for employees’ more-urgent money matters
The index also found that more Americans are relying on their banker or financial advisor today to reach their financial goals compared to a year ago, with 70% saying the tips and tools in their digital banking app help them make real financial progress.
In addition to using digital banking tools and regularly meeting with a financial advisor to make sure your savings and payment patterns are on track, additional tips provided by the index include:
- Track your income and spending, as well as expenses, and create an accurate budget
- Establish and build credit with loans or credit cards and monitor your credit score and activity often
- Set up a savings goal and recurring savings transfers into an account, no matter the amount
- Make a savings plan specifically for large purchases like a car, vacation, or new home