BMO Real Financial Progress Index: Consumers’ Financial Concerns Rose Sharply Between March and April 2025

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. 

• 59% of Americans say they are more concerned about their overall financial situation, up 14 points over March.  

• Gen Z and Millennial respondents’ concerns increased by 17 points over the previous month. 

• Three-quarters of Americans (75%) report an increase in worry over the cost of living, a 12-point increase over March.  

• Gen Z respondents registered an 18-point increase in concern over the cost of living in April compared to the prior month. 

• Two-thirds of Americans (67%) said that concerns about import tariffs had increased, compared to 59% who registered similar concerns in March.  

“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. 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.” 

– Scott Anderson
Chief U.S. Economist, BMO 

“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.”

– Paul Dilda
Head, U.S. Consumer Strategy, BMO 

Worries of a recession 

• Two in three (67%) Americans say their concerns about an economic recession have increased, compared to 57% in March.  

• Gen Z is slightly less concerned about a recession (64%) but their worries have grown the fastest, with an 18-point increase in concern over the prior month. 

• Americans who report they have become more concerned about inflation during the past three months rose to 71% in April, compared to 63% in March.  

• Gen Z respondents showed the sharpest increase, with 70% reporting they are more concerned about inflation, a 13-point increase over the prior month.  

• Roughly one in four Americans (26%) say their concern over the prospect of losing their job has grown, with nearly four in ten Gen Z respondents (38%) and one-third of Millennial respondents (33%) more concerned about a job loss. 

“In today’s shifting environment, we’re seeing a growing demand for personalized financial and investment advice. 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.”  

– Michele Havens
Head, BMO U.S. Wealth Management 

To learn more about how BMO can help customers make real financial progress, visit BMO.com.