Concerns about overall financial situation, cost of living, and inflation all rose
The BMO Real Financial Progress Index reveals that Americans' financial concerns rose sharply between March and April 2025 amid current economic uncertainty and market volatility.
"Consumers have told us in this survey that higher tariffs and rising tariff uncertainty are rattling their confidence in their finances, the cost of living, and the prospect of even higher inflation ahead. Younger Americans feel most concerned and vulnerable to the tariff shock," said Scott Anderson, Chief U.S. Economist, BMO. "Younger workers tend to lose their jobs and working hours early in a downturn, spend more of their income on goods purchases, and have less savings to shelter them from rising food and shelter costs."
"With more Americans feeling the pinch from rising costs and financial uncertainty, people are looking for guidance they can trust. At BMO, we believe real financial progress starts with practical, actionable advice such as building a realistic budget, identifying small ways to save, and making smart choices about credit and debt. These are tools to help people feel more in control of their money and their future," said Paul Dilda, Head, U.S. Consumer Strategy, BMO.
Worries of a Recession
"In today's shifting environment, we're seeing a growing demand for personalized financial and investment advice," said Michele Havens, Head, BMO U.S. Wealth Management. "Our role is to help our clients feel more in control by equipping them with the right strategies to manage risk, stay resilient, and drive real progress toward their financial goals."
To learn more about how BMO can help customers make real financial progress, visit https://bmo.com/realfinancialprogress.