American households are squeezed on every front in 2026, BMO and TD reveal
Paying off debt topped the list of deferred goals at 23%, followed by travel (21%), buying a car or a home (17% each), and saving for retirement (15%).
Generationally, the strain falls hardest on the young: 85% of Gen Z respondents said they had delayed a milestone, compared to 57% of baby boomers.
Debt counseling hits a decade high
The cumulative weight of these pressures is pushing a record number of Americans toward professional help.
Money Management International (MMI), one of the largest nonprofit credit counseling agencies in the country, reported that enrollments in its debt management plans reached a record high in the first half of 2026, the highest in a dataset going back to 2017. Financial counseling sessions rose 9.5% year-over-year and have surged 143% since the first half of 2021.
“Americans continue to wrestle with high inflation and elevated interest rates,” said Ted Rossman, principal consumer finance analyst at MMI, based in Stafford, Texas. “Many households have depleted their savings and accumulated record amounts of debt, stretching their budgets and causing them to search for solutions.”
