Press Release: New CSS Report Finds New Yorkers of All Income Levels Are Struggling with Financial Precarity

Press Release

New CSS Report Finds New Yorkers of All Income Levels Are Struggling with Financial Precarity

To bridge gaps in household budgets New Yorkers are increasingly relying on short-term debt

A new Community Service Society of New York (CSS) report finds that financial precarity in New York State is no longer confined to those in poverty but increasingly affects households across income levels. To bridge gaps in household budgets and keep up with routine costs, many New Yorkers are relying on short-term debt as a survival strategy-creating new obstacles to achieving economic security.

The report, "How Are People Supposed to Get Ahead?' Financial Precarity Among New York State Residents," draws on data from CSS's statewide Annual Survey of Housing and Economic Security, fielded in September and October 2025 with a representative sample of 4,000 adult New Yorkers.

One of the report's central findings is that financial precarity in New York extends well beyond those living in poverty. Low-, moderate-, and even higher-income households report struggling to manage essential costs (e.g., utilities, housing, healthcare, food, and transportation) while also facing unpredictable expenses and rising debt. For example:

• Thirty-six percent of respondents reported that they cannot make ends meet or are barely getting by; that figure rises to 60 percent among those earning up to 200 percent of the federal poverty level, while one in five higher-income respondents also report short-term financial strain.
• More than a quarter (27 percent) of moderate-income respondents said they could not or probably could not cover a $400 emergency expense.
• One in four respondents reported having no emergency savings at all.
• Forty-one percent of those not currently retired are not saving for retirement.
• Sixty-one percent report having credit card debt.
• More than a third of moderate-income New Yorkers rely on short-term debt such as credit-cards, Buy Now Pay Later apps, and cash advances to cover expenses.

The report features New Yorkers from around the state describing the pressures behind these numbers:

• "Groceries are too high. Medical insurance, car insurance is extremely high. Electric bills have gone up. We need all of these to come down so we can have a life, not just work to pay bills." - NYC resident
• "We can't be expected to work paycheck to paycheck and live in anxiety over our expenses. Everyone deserves peace of mind." - Westchester resident
• "n this day and age, it's too easy to fall into debt and nearly impossible to climb back out. […] we tread water to survive." - Albany resident
• "The jobs we have don't pay enough for us to live debt free." - NYC resident
• "Even when you do what they say and work 40 hours a week, you still can't survive but you make 'too much' for help." - Saratoga County resident
• "The hardest part isn't dealing with the expenses you know are coming, it's the emergency and surprise expenses that hold you back from achieving your goals. By helping people with the bigger burden, those expected expenses, you could help them deal with the surprise expenses." - Erie County resident
• "We need to raise the minimum wage, have universal health care and rent control." - Erie County resident
• "I wish elected officials better understood how hard it is for many people to get ahead financially, even when they work full-time. Wages often don't keep up with the rising costs of housing, healthcare, education, and everyday expenses. Many families live paycheck to paycheck and can't save for emergencies or the future." - NYC resident
• "The cost of everything has risen, and folks that depend on Social Security are being underserved. The COLA increases are not realistic and do not reflect the actual cost of living for seniors." - Long Island resident

"For more than two decades, CSS has asked everyday New Yorkers about their economic realities through our annual survey," said David R. Jones, President and CEO of CSS. "This year, residents across the state shared how soaring utility bills, food prices, property taxes, and medical and education debt are undermining their ability to save for the future. These pressures are shaping daily life for working households across the state."

"One of the most striking findings is how many moderate-income households are falling through the cracks. They earn too much to qualify for safety-net programs yet still can't cover basic expenses without taking on debt," said Rachel Swaner, CSS Vice President for Policy, Research and Advocacy and author of the report. "That's a warning sign that our current approach to economic security is falling short, and that government policies must confront the broader structural conditions keeping so many New Yorkers on precarious footing."

The report findings point to the need for a comprehensive agenda that addresses the rising cost of living, stabilizes incomes, and reduces households' reliance on debt. With bold policy choices, New York can create a more stable foundation that allows households across the income spectrum to save, plan, and get ahead.

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The Community Service Society of New York (CSS) has worked with and for New Yorkers since 1843 to promote economic opportunity and champion an equitable city and state. We power change through a strategic combination of research, services, and advocacy to make New York more livable for people facing economic insecurity. By expanding access to health care, affordable housing, employment opportunities, debt assistance, and more, we make a tangible difference in the lives of millions. Join us at www.cssny.org.

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