The data: A December Harris Poll study commissioned by The Guardian shows widespread pessimism about how people in the US feel about their finances despite a stable economy.

Nearly half of respondents (45%) said their financial security was getting worse versus just 20% who said it’s not. And 57% believed the US was in recession. Income brackets were a dividing line: 59% of respondents earning less than $50,000 said their financial security was worsening versus 37% making more than $100,000.

Zoom out: Credit delinquencies are rising, and there may be higher levels to come. More consumers have subprime scores, and late student loan payments have increased as payments resumed—which could take priority over mortgages, auto, and personal loans. Financial institutions (FIs) will bear the brunt of this credit stress.

Meanwhile, more consumers in the US have found it hard to acquire new lines of credit—even as many expect to apply. In the October 2025 New York Fed Survey of Consumer Expectations Credit Access Survey, rejection rates for new credit applications hit a series high of 24.8%. And the number of discouraged borrowers grew, while the average likelihood of applying for credit rose.

Our take: Consumer perception matters as much as statistical reality. Consumers who are pessimistic about their financial security are more likely to feel pressured by their debt and less likely to consider new loans. They are also less likely to spend, reducing swipe fees and banks’ credit card loan books.

FIs may influence that perception with the tools and services they offer. Personalized financial advice is achievable through modern digital platforms, and human guidance informed by consumers’ banking data should help ease concerns and make consumers feel better informed and more prepared to weather financial uncertainty. It will also lead consumers to continue to add to and engage with products at their FI.