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Massachusetts Residents Report Rising Financial Anxiety, UMass Poll Finds

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  Published in Business and Finance on Friday, November 7th 2025 at 14:33 GMT by Boston.com
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Massachusetts Residents Face Growing Financial Strain, UMass Poll Shows

A new University of Massachusetts Amherst poll released on November 7, 2025 indicates that an increasing number of Massachusetts residents report that their personal finances are in a poor shape. The study, which surveyed more than 1,200 adults across the Commonwealth, found that 42 % of respondents say they are “very worried” about their money, a sharp rise from the 31 % who expressed similar concerns in a 2023 survey. The findings, published by the UMass Center for the Public Good, underscore the widening economic gap that has been growing since the COVID‑19 pandemic and point to a growing crisis of affordability that could have long‑term consequences for the state’s workforce, housing market, and social services.

Key Findings

The poll’s headline results include several stark data points:

• Overall financial worry: 42 % of Massachusetts adults say their finances are in poor shape. This is the highest level recorded since 2018.
• Income and education gaps: Those with annual incomes below $50,000 report a 57 % likelihood of financial strain, compared to 24 % among those earning $100,000 or more. Among respondents with a bachelor’s degree or higher, 29 % report financial worry versus 61 % for those with only a high‑school diploma.
• Household composition: Single‑parent households are the most affected, with 68 % reporting financial insecurity, versus 31 % for two‑parent families.
• Geographic distribution: Residents in the Boston metropolitan area are not immune; 38 % of respondents in the metro region say they are worried about finances, compared with 46 % in more rural counties. However, Boston’s high cost of living means that a smaller percentage of its residents can afford rent or a mortgage.
• Health and debt: 27 % of respondents say that medical bills or health insurance premiums are a major source of financial strain, while 22 % attribute their difficulties to student loan debt.

Contextualizing the Numbers

UMass researchers highlighted that the economic landscape of Massachusetts has changed dramatically in the past five years. “The pandemic accelerated many existing trends—remote work, housing cost shifts, and the student loan burden—while also creating new challenges,” said Dr. Angela Ortiz, lead author of the poll. “We see a stark picture of a population caught between rising living costs and stagnant wages.”

The state’s per‑capita GDP growth has slowed, while the median household income has stagnated at roughly $68,000 since 2018, according to the U.S. Census Bureau. At the same time, the median home price in the Boston metro area has risen by 35 % over the last decade, outpacing inflation and leaving many families under financial stress.

The poll also referenced a 2025 report from the Massachusetts Office of Economic Development and Emerging Technology (ODET), which noted that the state’s net outflow of workers is likely to rise unless there are improvements in affordability and job quality. In addition, the Massachusetts Department of Revenue has reported a 15 % increase in the number of individuals seeking state‑assisted housing programs in the past two years.

Policy Implications

The findings come at a time when state policymakers are debating a range of measures to alleviate financial strain. The state budget, which faced a $2.1 billion shortfall last fiscal year, is projected to expand public services such as child care subsidies, rent‑support programs, and a proposal to increase the state’s minimum wage to $15.50 per hour by 2026.

In the UMass Center for the Public Good report, researchers emphasize that “policy solutions must be multifaceted.” They argue for:

• Expanded access to affordable housing: Incentives for developers to build inclusionary housing units and support for first‑time homebuyers.
• Student loan relief: Expansion of state‑based forgiveness programs for teachers and healthcare workers, along with increased funding for private‑sector partnerships that offer income‑based repayment plans.
• Health‑care affordability: Greater support for the Massachusetts Health Care Reform (MHC) Act, particularly in expanding Medicaid coverage and capping out‑of‑pocket costs.
• Income‑support programs: Broadening the earned income tax credit (EITC) at the state level to provide a more reliable safety net for low‑income families.

Voices from the Community

The article quoted several community members to illustrate the poll’s numbers. Maria Sanchez, a single mother of two living in Worcester, said, “I’m constantly worried about whether I can afford rent, let alone put a dent in my credit card debt.” Meanwhile, Jeff Kim, a software engineer in Cambridge, noted that “the cost of living has gone up, but wages haven’t kept pace; the gap is growing faster than my savings.”

Looking Forward

UMass pollsters plan to update their survey annually to track changes in Massachusetts residents’ financial wellbeing. The research team will also collaborate with the Massachusetts Association of Community Development Corporations to investigate how local initiatives can address the gaps revealed in the study.

As Massachusetts grapples with the fallout of an economic crisis that began with a global pandemic, the poll’s data provide a sobering look at how far many residents have slipped into financial uncertainty. The study underscores that urgent, comprehensive policy action is needed to stabilize the state’s workforce, preserve its economic competitiveness, and ensure that the Commonwealth’s residents can live with dignity and financial security.