According to a recent MarketWatch survey, nearly half of all Americans (48.6%) consider themselves broke.

The alarming statistic reflects a stark reality: Americans’ financial insecurities are growing, even as key economic and market indicators suggest strength. Despite this year’s persistent bull run on Wall Street, Main Street still feels the money blues.

According to the latest Federal Reserve Bank Life Survey Report, even well-paid workers report financial challenges, with a third of six-figure salary earners worried about their bills. This situation resembles a Dickensian economy, stuck between “best of times” data and “worst of times” sentiment.

If you’re worried about money, you’re not alone. Yet what does feeling broke actually mean? Traditionally, being broke means being unable to pay one’s bills or cover other necessities.

But when the MarketWatch survey asked 2,000 Americans about their financial situation, 92% of those who described themselves as broke said they were living paycheck to paycheck. While using one’s entire paycheck to survive is stressful, it doesn’t necessarily equate to being completely broke. Nonetheless, the widespread sentiment among Americans that they are broke or at least cash-poor is disturbing.

What do professionals make of this negative trend? Financial experts share tips on coaching clients to remain financially resilient amid soaring economic pressures.

Dollars and Sense

Getting off the “paycheck hamster wheel” requires gaining some perspective.

Christine Luken, Financial Dignity Coach and founder of 7 Pillars, LLC, says people must understand where their money is going.

“People think they know, but unless they’re tracking their spending, it’s just a guess,” Luken says. “I set my clients up on a personal finance app that aggregates their spending in one place. They’re frequently surprised by how much money they spend on things that aren’t even that important to them!”

“Gaining this awareness can be uncomfortable,” warns Arielle Tucker, founder of Connected Financial Planning. “It requires clients to confront that they’re overspending.”

“My role then shifts to advocating for their future selves… It’s crucial to recognize what you can genuinely afford now versus what should be deferred to protect your long-term financial health.”

Saving more — not just spending what you have — is the first step to building financial stability and living in a future not limited by a paycheck. Consider using a wealth tracker app or spreadsheet to monitor household income and expenses.

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Debt Busting

Before building savings, many people first need to climb back out of the debt basement.

Most Americans have some form of debt to pay down, whether it’s credit card bills, a personal loan, or a mortgage. And not all liabilities are created equal; it pays to prioritize.

“Attack your credit card debt first,” insists Josh Radman, owner of Presidio Advisors. “They often have interest rates in excess of 30%!”

“Paying off your credit card bills in full is an automatic 30%+ return on investment — much higher than any return that you’re going to get from investing in the stock market. Plus, paying off your bills in full each month helps to prevent debt from spiraling out of control while also providing psychological relief.”

After paying off credit card debt, downgrade cards with an annual fee and freeze them.

Some debt, like a mortgage, can build one’s net worth over time. However, consumers must moderate and manage these debts correctly or risk being cash-poor and asset-rich. This can also compound financial stress and feelings of “broke-ness.”

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Enjoy the Ride

Taking risks and cutting corners never works in the end. Financial discipline usually involves making sacrifices and putting in the hard yards, yet most Americans don’t brim with a Spartan spirit of self-denial and frugal grit. It is important to include some enjoyment in financial plans so clients don’t give up on goals and resort to hedonistic spending, gambling, or other self-destructive patterns.

“We design a plan to build up their emergency fund, but we don’t stop there..” says Raman Singh, founder of Singh Private Wealth Management. “We also create a “slush savings” account — money set aside for fun or personal enjoyment. This approach addresses their immediate financial concerns and makes the journey more rewarding and less stressful.”

“It’s essential to balance the hard work of financial planning with moments of enjoyment, so clients stay motivated and positive throughout the process,” Singh continues. “Our goal is to make the path to financial stability as pleasant and encouraging as possible.”

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Feelings of financial “broke-ness” are an increasingly concerning trend in America. Widespread anxiety around money is becoming the norm for many. However, practical steps can improve consumers’ financial well-being.

Americans can regain financial confidence by clarifying spending habits, reducing debt, and saving strategically. Working with a financial advisor can provide valuable guidance and support, helping create a tailored plan that addresses immediate needs and long-term goals.