Gaining Financial Control Requires More Than Just a High Income

Earning more money can boost your feeling of financial control.

Nearly 9 in 10 (89%) Americans with a household income of $100k-plus say they feel in control of their day-to-day finances compared with 62% of Americans with a household income of less than $50k, according to NerdWallet’s October 2026 Financial Resilience Index survey conducted by The Harris Poll.

But getting a raise or a higher-paying job isn’t a surefire way to feel in control. Pairing your paycheck with good financial habits is a more robust approach.

Most Americans feel in control of their finances

Nearly 4 in 5 (78%) Americans feel in control of their day-to-day finances, according to the survey. That’s up from 73% in September.

There’s no single external measure for what makes someone feel in control of their finances. If you swap financial positions with someone else who feels in control, for example, there’s no guarantee you would feel the same way.

That said, a person who lives comfortably with what they have and who has the ability to withstand unexpected expenses has a good chance of feeling in control.

Income may be less of a factor than you think

Americans with lower household incomes are much more likely to feel a lack of control in their day-to-day finances compared with those with higher household incomes.

That may seem intuitive. Someone with a high income is more likely to be able to cut back on luxuries, such as dining or vacations, when the costs of groceries and healthcare rise. Someone whose income is lower might not have expenses to cut.

However, that narrative is an overgeneralization.

If feeling in control of your finances depended entirely on having a high income, you might expect to see a much higher share of Americans with low incomes who feel they aren’t in control of their day-to-day finances.

But in fact, the majority (62%) of Americans with a household income of less than $50k do feel in control of their day-to-day finances. At the other end of the income spectrum, it’s clear that money doesn’t automatically result in feeling in control: About 1 in 10 Americans (11%) with a household income of $100k+ say they don’t feel this.

Good financial habits can help you feel more in control

A high income alone won’t offset spending more than you earn, and it isn’t a substitute for an emergency fund. Good financial habits are an important component of financial control, too. They may look like:

Preparing for an emergency: Car repairs, medical bills, broken appliances: There are plenty of expensive emergencies that can pop up, even if you’re doing everything right. One-third (33%) of Americans don’t have enough cash on hand to cover an unexpected $1,000 expense if it popped up this month. Those who have an emergency fund can avoid relying on credit.

Managing debt: Monthly expenses that exceed income indicate a shaky financial footing — not great for developing a feeling of control. Nearly 2 in 5 Americans (38%) say they’ll have to rely on credit to manage expenses in October. Managing debt goes beyond paying your credit card bill each month. For example, if you get the maximum car loan or mortgage that lenders approve, a large portion of your paycheck is committed to debt payments. Keeping your overall debt load low gives you flexibility if your situation changes in the future.

Avoiding expensive mistakes: Saving money takes time. Spending it can happen quickly. A separate recent NerdWallet study found that 3 in 5 Americans (60%) say they’ve spent money on something expensive and later regretted it. Luxury items, gambling and vehicles topped the list of regrettable purchases. Pump the brakes on avoidable expensive purchases. For any big buy, take a day or two to mull over your options, especially if you have outstanding debt or if your emergency fund is low. Considering spending decisions carefully is another way to feel more in control.

The feeling of control is likely to emerge over time. Build momentum by making progress on one tangible financial goal — saving money or paying down debt, for example — before adding another.

Dealing with a lack of financial control

Yes, Americans across a range of incomes report feeling in control financially. But it would be glib to suggest that this demonstrates that the feeling of financial control can be flicked on like a light switch, if only people tried harder.

There are plenty of reasons why the road to feeling in control can be arduous. Family obligations, medical concerns, affordability issues and limited opportunities can all present real obstacles, even for those who strive to practice sound financial habits along the way.

If you’re struggling and need assistance, start with these resources: