Do You Feel ‘Financially Free’? 90% of Americans Don’t — Here’s How to Get There Fast

Man meditating yoga at sunset mountains Travel Lifestyle relaxation emotional concept adventure summer vacations outdoor harmony with nature.
Everste / Getty Images/iStockphoto

In the realm of financial stability and independence, the majority of Americans find themselves in a precarious situation. According to a new survey by Achieve, a meager 11% of Americans report living their definition of financial freedom amidst a turbulent economic landscape, marked by overwhelming consumer credit card debt and looming student loan repayments (Achieve).

Despite these challenges, hope and a path toward financial freedom persist. Let’s explore the insights from the survey and strategies to embark on a journey toward financial security.

Defining Financial Freedom

Financial freedom may evoke images of immense wealth for some, but for many Americans, the definition is far more modest. The Achieve survey reveals that over half of the respondents associate financial freedom with living debt-free, and a significant portion view it as the ability to comfortably meet all financial obligations with some money left over each month. Only a small percentage equate financial freedom with affluence, further highlighting the realistic and practical aspirations of many individuals in the country.

The Current Financial Landscape

Despite these modest expectations, a staggering 58% of respondents feel they are nowhere near achieving financial freedom, with 40% not even possessing a basic bank savings account (Achieve). This lack of savings and financial security underscores the urgency for practical strategies and solutions to help individuals navigate their path toward financial independence and stability.

Steps Toward Financial Freedom

1. Embrace a Debt-Free Philosophy:

Embracing a debt-free life tops the list for all generations as the paramount financial goal. Prioritizing the elimination of debt can pave the way for enhanced financial security and freedom.

2. Prioritize Savings:

With many Americans lacking a well-funded savings account, prioritizing savings is crucial. Regularly contributing to a savings account, even in small amounts, can accumulate into a significant financial cushion over time.

Make Your Money Work Better for You

3. Explore Diverse Investment Options:

The Achieve survey indicates a growing interest in diverse investment avenues, with more consumers reporting having a cryptocurrency wallet compared to a professionally managed investment account (Achieve). Exploring various investment options, aligned with individual risk tolerance and financial goals, can contribute to building wealth and financial stability.

4. Plan for Retirement:

Despite concerns and uncertainty surrounding retirement, proactive retirement planning remains essential. Contributing to retirement accounts like IRAs or 401(k)s and assessing retirement goals and strategies can bolster financial security for the future.

Achieving financial freedom remains a significant aspiration for many Americans, with practical and achievable goals centered on debt elimination, savings, and diverse investments. Despite the current financial challenges faced by many, adopting a strategic and proactive approach to personal finance can chart a course toward financial stability, security, and freedom.

By acknowledging and understanding the prevalent financial concerns and goals shared by many, individuals can navigate the path to financial freedom with informed and effective strategies, fostering a future of financial resilience and independence.

Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.

More From GOBankingRates

Make Your Money Work Better for You


See Today's Best
Banking Offers