Senior Advisor and Research Fellow, Consumer Finance Institute
November 2025
This report is part of a quarterly series on key observations from the Labor, Income, Finances, and Expectations (LIFE) Survey. Data from the survey provide insight into consumers’ recent financial lives and their future expectations.
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The data presented in the October 2025 LIFE Survey Report reveal ongoing declines in respondents’ general outlook compared with last year. We note several key observations about consumers’ financial lives over the past 12 months, including:
Net optimism about income remained flat compared with July 2025 and will end the year at lower levels than we saw in 2024.
The share of respondents cutting discretionary spending, cutting essential spending, or partially paying or skipping bills remains higher than the previous year.
Respondents’ net sentiment continued to decrease, dropping again to its lowest point since the beginning of the LIFE Survey. Sentiment remains negative across all demographic groups.
Download expanded data tables featured in the October 2025 LIFE Survey Data Report here.
