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Financial Precarity Among New York State Residents: ‘How Are People Supposed to Get Ahead?’
Rachel Swaner
Summary:
Financial insecurity is rising not only among households living in poverty, but also among moderate- and even high-income households in New York. Using new data from CSS's statewide 2025 Annual Survey of Housing and Economic Security, this report reveals how short-term and long-term savings shortfalls, along with debt, are eroding stability. Stagnant incomes and rising costs have left many New Yorkers without the means to attain economic security or even withstand modest shocks.
The results illustrate that New York needs a fundamental shift in how we address financial precarity, including: universal programs that reduce the cost of living for all residents, broader state policies that stabilize incomes, and safer alternatives to high-cost debt.
Issues: Economic Mobility & Security
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