Nearly half of Americans (44%) think about their financial readiness daily, but that awareness doesn’t always translate into confidence—36% say they aren’t sure they could handle an unexpected bill. These insights come from TD Bank’s new financial report, which surveyed over 5,000 adults across the U.S. to better understand financial behaviours and vulnerabilities.
The report examines three major areas—healthcare, retirement, and homeownership—each critical to long-term financial security.
“With ongoing economic concerns top-of-mind for consumers, preparation is key to better ensure that you’re well-positioned in any climate,” said Allison Robinson, head of retail distribution at TD Bank. “We aim to provide our customers with the guidance they need to help them achieve their financial goals, and the TD Consumer Index highlights some of the most pressing topics concerning consumers today.”
Health
Health emergencies top the list of financial stressors, with 70% of Americans ranking it among their top three financial concerns. While most recognise the risk, only half feel financially ready for an unexpected medical bill. Over 72% have faced surprise expenses, and more than half (59%) were in debt. One in three had to dip into savings to stay afloat.
Retirement
While 88% believe retirement savings are essential, nearly half (47%) are unprepared. A key reason? Many aren’t taking consistent steps: 31% don’t regularly contribute to savings, and 56% aren’t using retirement-specific accounts. Alarmingly, 15% have no retirement savings at all.
Homeownership
Though 90% of respondents believe owning a home is part of the American Dream, a third of non-homeowners are pessimistic about their buying ability. Top barriers include affordability (55%), high borrowing costs (32%), and economic/job uncertainty (29%).
Taking control
Despite these hurdles, 81% of Americans actively try to improve their financial health, primarily by cutting spending and budgeting. Tech is helping: 78% use budgeting tools or apps, and 41% either use or are open to using a financial advisor—those who feel far more prepared for unexpected car repairs, home costs, or medical bills.
Robinson added that people should understand their current financial situation, set clear short—and long-term goals, and explore the right products or services to help them stay financially prepared for whatever the future brings.