Number of Americans saying they are worse off financially than a year ago at highest level since 2014. This may be the No. 1 cause.

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More than 1 in 3 adults (35%) now say they are worse off financially than a year ago, the highest level since the question was first asked in 2014 by the Federal Reserve in its Economic Well-Being of US Households survey, which was released in May. And for the first time since the survey began in 2013, financial well-being fell among adults with at least a bachelor’s degree, with 31% saying they were worse off this year than last, up from 13% in 2021 and 10% in 2019. 

So what gives? Perhaps the biggest culprit is inflation, the survey revealed. Among the things that weigh heavily on US adults, survey respondents revealed that inflation (33%), general needs (22%), retirement and savings (13%), housing (10%), employment (9%), medical cost (6%)s, debt (5%) and education costs (5%) were among the top financial challenges.

But what exactly constitutes one’s financial well-being? It’s subjective, but pros have some thoughts. “Someone who is financially well off doesn’t necessarily need to be rich; instead they just need to be able to afford necessities without resorting to zeroing out their bank account each month,” says Jacob Channel, LendingTree’s senior economist. And says certified financial planner Mark Struthers at Sona Wealth Advisors says it’s about “having a clear path forward. Even if a person has bad credit card debt and a low FICO score, even if they are not where they want to be, if they have a plan and a clear path forward, they will often have financial well-being.”  Here’s how to boost your financial well-being, according to pros. (Looking for a new financial adviser? This tool can match you to an adviser who meets your needs.)

Financial well-being encompasses several essential components; stable income, debt management, savings and an emergency fund, budgeting and financial planning and retirement planning, says certified financial planner Blaine Thiederman at Progress Wealth Management.

Make plans to learn about and tackle each of those topics. “Knowledge and a plan are power. The first step is to take the first step. The budget and the emergency fund are the base of the financial pyramid. Start small and slowly get a plan together,” says Struthers.

Look at your budget if you have one, and if not, create one. “Assess your income and expenses, identifying areas where adjustments can be made to optimize your financial resources. Ask yourself if you’re spending more than the following on each area of your life. If you are, you may need to either tighten your budget or increase your income,” says Thiederman. 

Then try to stick to that budget. “It can often be easier said than done, but try to keep your finances in check and make sure you’re not overspending. That can really give you a lot of peace of mind when it comes to your finances. Remember, you don’t necessarily need to be a penny-pincher to be financially well off, a little bit of splurging every now and then can be good for the soul. That said, wantonly throwing money around without any plan for your financial future is a good way to make yourself miserable, if not in the present, then in the future,” says Channel. 

Pros say you should have somewhere between 3-12 months of essential expenses in an emergency fund. “Allocate a portion of your income towards an emergency fund, building a buffer against unforeseen circumstances,” Thiederman says.

Making sure you have sufficient reserves will insulate you from outside noise, says certified financial planner Ted Halpern at Halpern Financial. “Even loud noise like a recession or higher rates. The reserve account is a critical piece and now, people can earn high tax free yields for them too,” says Halpern. (See the highest savings account rates you can get here.)

Devote efforts to reduce and eliminate high-interest debt, enhancing your financial stability. “You should aim to pay off all debt except for your mortgage before saving. Life is unpredictable and it’s nice to do the future-you a favor a pay off debt so whatever happens is easier to overcome,” says Thiederman.

If you feel overwhelmed by your finances, you may want to engage with a qualified financial adviser, who can provide tailored guidance to help you align your financial strategies with your goals.

Explore diversified investment opportunities to mitigate risks and maximize potential returns. “Allocate your portfolio across various asset classes to potentially counterbalance the impact of inflation and focus on income-generating assets that offer consistent income streams such as dividend-paying stocks or bonds,” says Thiederman.

How to Become a Financial Advisor

3 Best Banks and Credit Unions in Florida for June 2023

Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.

Bank of America, Ally, and VyStar Credit Union are our picks the best banks if you live in Florida.

Below you'll find more information about our top picks.

To determine the best banks in Florida, we reviewed the biggest banks and credit unions in the state. We also considered online banks regarding our top pick for savings accounts.

These institutions have stayed as our top picks for the last few months because they offer a variety of bank products with notable features. All of the financial institutions on our list are protected by FDIC or NCUA insurance. Although First Republic Bank was recently shut down, bear in mind your money is safe at a federally insured financial institution. When a financial institution is federally insured, up to $250,000 per depositor is secure in a bank account.

Bank of America Advantage Plus Checking Account

Annual Percentage Yield (APY)

None

Minimum Deposit Amount

$100

Fees

$12 monthly service fee

Bank of America Advantage Plus Checking Account

Annual Percentage Yield (APY)

None

Minimum Deposit Amount

$100

Fees

$12 monthly service fee

Bank of America, Member FDIC

Bank of America Advantage Plus Checking Account

Bank of America, Member FDIC

Details

Fees

$12 monthly service fee

Annual Percentage Yield (APY)

None

Minimum Deposit Amount

$100

Pros

Cons

More Information

Ally High Yield Savings Account

Annual Percentage Yield (APY)

4.00%

Minimum Deposit Amount

$0

Fees

no monthly service fee

Ally High Yield Savings Account

Annual Percentage Yield (APY)

4.00%

Minimum Deposit Amount

$0

Fees

no monthly service fee

Ally High Yield Savings Account

Details

Fees

no monthly service fee

Annual Percentage Yield (APY)

4.00%

Minimum Deposit Amount

$0

Pros

Cons

More Information

VyStar Primary Savings Account

Annual Percentage Yield (APY)

0.10%

Minimum Deposit Amount

$5

VyStar Primary Savings Account

Annual Percentage Yield (APY)

0.10%

Minimum Deposit Amount

$5

Vystar Credit Union, Member NCUA

VyStar Primary Savings Account

Vystar Credit Union, Member NCUA

Details

Annual Percentage Yield (APY)

0.10%

Minimum Deposit Amount

$5

Pros

Cons

More Information

We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best financial institution in Florida for your needs.

We're focusing on what will make a bank most useful, including customer service, fees, rates, and more. Here's what they had to say about finding a bank. (Some text may be lightly edited for clarity.)

How can someone determine whether a bank is the right fit for them?

Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:

"The No. 1 thing about a checking account is you should know what provider the debit card is coming from. And a lot of people don't think about that, because there are places that don't accept MasterCard or don't accept an Amex."

Sophia Acevedo, certified educator in personal finance, banking reporter, Personal Finance Insider:

"I would create a list of what I prioritize most in a bank account. For example, some banks have accounts that charge monthly service fees. I would look to see what the requirements are for waiving the monthly service fee and whether I think I could feasibly meet those requirements each month. If I'm searching for an interest-earning bank account I'll pay attention to interest rates. I would make sure the account pays a higher interest rate than the average bank account."

What should someone look for in a brick-and-mortar bank?

Tania Brown, certified financial planner at SaverLife:

"How can that bank grow with you? If you are 25, single or newly married, and all you need is a checking account, that's going to look very different 15 years from now when you may have had a couple of jobs, you may have an IRA roll over, or you may want a financial adviser."

Mykail James, CFEI:

"How accessible it is. So where are the branches? And if I am to go out of town or something, how accessible is my money to me?"

What should someone look for in an online bank?

Tania Brown, CFP:

"With an online bank, absolutely online customer service, because you do not have the advantage of walking inside and talking to a human being. How often are you able to get them? What are their hours?"

Roger Ma, certified financial planner with lifelaidout® and author of "Work Your Money, Not Your Life":

"How onerous the transfer process is, transferring money in and transferring money out. Is it same day, next day? Is it pretty easy to sync a brick-and-mortar checking account to this particular high-yield savings account?"

Mykail James, CFEI:

"When it comes to online banks, you want to be a little bit more strict about what type of interest rates they're providing. That's the biggest thing, because online banks are supposed to have the higher interest rate because they don't have the overhead of the brick-and-mortar. You want to make sure that it's well above the national average. What type of securities do they provide? Do they have two-factor identification? If it's an online bank, they should definitely have — at the bare minimum — two-factor authentication in how easy it is to change your passwords and things like that, because you want to be a little more hypersensitive about the cyber security for a strictly online bank."

Personal Finance Insider's mission is to help smart people make the best decisions with their money. We understand that "best" is often subjective, so in addition to highlighting the clear benefits of a financial product or account — a high APY, for example — we outline the limitations, too. We spent hours comparing and contrasting the features and fine print of various products so you don't have to.

We looked at the banks and credit unions with the most branches in the state. Then we zeroed in on those that offered appealing features, like sign-up bonuses or high interest rates. None of the biggest banks in Florida paid high rates on savings accounts, so we chose an online bank, Ally, as our top choice for a savings account.

For the best credit union, we chose one that is easy for Florida residents to join and has branches in multiple parts of the state.

See our full ratings methodology for checking, business checking, savings, and money market accounts »

It depends on what you're looking for. Wells Fargo has the most branches in the US, followed closely by Chase and Bank of America. If you're looking for high savings rates and low fees, then you'll probably want to go with an online bank. 

As long as an institution has federal insurance, then your money should be safe. Banks need to be insured by the Federal Deposit Insurance Corporation (FDIC), and credit unions need to be insured by the National Credit Union Administration (NCUA).

An individual account is insured for up to $250,000, and a joint account is insured for up to $500,000. This means you won't lose all your money should the bank go under.

Best banks and credit unions in Florida

Editor's rating

Best for a checking account

Varies depending on account

Editor's rating

Best for a savings account

Varies depending on account

Editor's rating

Bank of America

Why it stands out: Bank of America has over 500 branches around Florida and a $100 sign-up bonus offer.

Checking accounts aren't known for paying interest, and if they do, then the rate is often pretty low. Cash sign-up bonuses can be good tools to earn money even if a checking account doesn't pay a good rate.

You may qualify for the $100 bonus when you open a Bank of America Advantage SafeBalance, Plus, or Relationship Banking Checking Account through the bank's promotional page. To earn the bonus, you must receive at least two recurring direct deposits of at least $250 within 90 days of opening the account.

What to look out for: Depending on which checking account you open, you could pay $4.95, $12, or $25 per month. There are several ways to waive the monthly fee, though. 

Ally

Why it stands out: When it comes to savings accounts, you probably want a bank that is going to pay a high interest so that you can earn more than a couple hundred dollars in the long run. This means an online bank like Ally is probably going to be your best bet.

Ally pays 4.00% APY, which is one of the highest rates out there right now. The bank also doesn't charge any monthly maintenance fees or require a minimum opening deposit.

The Ally High Yield Savings Account has been a power player in the high-yield savings space for a few years now, and it consistently nabs top awards for online banking. Although it's an online bank, you can use over 40,000 Allpoint ATMs for free around the US. 

Ally makes it easy to save for specific goals. You may decide to open a separate account for each goal, but Ally has a bucket feature that allows you save for multiple goals in one account. Assign each one a nickname, like "Emergency Fund" or "Travel Account" to track your progress and stay motivated. 

What to look out for: While Ally is extremely competitive, other banks offer similar online high-yield savings accounts. Ally is certainly one of the best out there, but depending on your needs and your existing banking, you may find you prefer a different bank, such as Capital One 360, Varo, or Discover.

VyStar Credit Union

Why it stands out: Maybe you prefer a credit union over a bank. Each option comes with trade-offs — credit unions often have higher interest rates and better customer service, while brick-and-mortar banks may have more locations and adapt to new technology faster.

If you're looking for a credit union in Florida, then VyStar is a good choice. It's available in over 20 cities, and you contact customer service seven days per week. SunCoast Credit Union is another good choice if you live in certain parts of Florida, but VyStar still pays higher rates on checking and savings.

There are more than 50 branch locations around Florida, and you have free access to over 20,000 ATMs around the US, Mexico, and Canada. 

VyStar pays lower rates on some accounts than online banks, but higher than many brick-and-mortar banks.

What to look out for: Like most credit unions, VyStar compounds interest monthly rather than daily, which will affect how much money you earn in the long run. VyStar is one of the largest credit unions in Florida, but branches are lacking from certain regions of the state. If you don't have a branch nearby, then you may want to go with a local credit union.

The Better Business Bureau grades companies based on customer complaints, advertising, and transparency about business practices. Here are the BBB scores for our favorite banks and credit unions in Florida:

Ally is the only one of our top picks without an A+ from the BBB right now. Ally received an A rating from the BBB because it has three unresolved complaints. 

A strong BBB grade doesn't guarantee you'll have a smooth relationship with a bank, though. You may want to read online reviews or ask family and friends about their experiences. You also might want to consider any recent scandals — Bank of America has had some issues in the past few years.

The Department of Justice charged Bank of America for unfairly denying home loans to adults with disabilities, even though they qualified for loans. Bank of America paid around $300,000 total to people who were refused loans. The Department of Labor required Bank of America to pay $4.2 million to people who claimed the bank discriminated against women, Black, and Hispanic applicants in the hiring process.

You may prefer to use Ally or VyStar if any of these scandals worry you, or bank with another institution in Florida.

Here are the savings rates you'll earn with the biggest banks in Florida. Two of these, Chase and Bank of America, made our list of the best banks in the state.

We didn't choose others because they didn't have branches in as many parts of Florida as some of our top picks, or they lacked distinguishing features, such as high APYs (Annual Percentage Yield) or sign-up bonuses.

However, you may still decide one of these Florida banks is a good fit for you, and you might like banking with a widespread institution you're familiar with.

As of June 2023, the average savings interest rate is 0.40%, according to the FDIC.

Laura Grace Tarpley, CEPF

Personal Finance Reviews Editor

Evelyn He

Compliance Associate

Evelyn He is a compliance associate at Insider who supports the Personal Finance Insider team. Personal Finance Insider is Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Insider readers already know and love. The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Before joining Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries.    Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst.  Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 4-year-old Bichon named Tibber.