The cost of food soared by more than 23% from 2020 to 2024. Other price increases, which are especially steep for vehicles, insurance, child care and housing, come as nearly 40% more people are behind on their credit card payments than in 2022. Now, uncertainty arising from zigzagging tariffs, firing of tens of thousands of federal workers and contractors, and massive cuts and freezes to federally funded programs means that more people are increasingly pessimistic about the economy. As an assistant professor of social work, I have found through my research that differences in how people experience, behave toward and feel about their personal finances have as much of an impact as do their age and gender on certain financial decisions. And those decisions, in turn, can affect their income and wealth moving forward. Scholars like me use the term 'financial efficacy' when we're assessing whether someone has personal finance know-how and the ability to put it to good use. People with a...
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