: Inflation hit Americans’ wallets hard this year — here’s what they plan to do about it in 2023

by | Dec 20, 2022 | Stock Market

New years are associated with fresh starts, but many Americans don’t see the pressure on their wallets getting any better in 2023. Even with some recent hints at price relief — like a cooler than expected November inflation report and falling gas prices — a new survey shows the gloom that’s settling in for consumers.

Nearly three in 10 people, 29%, are bracing for their personal finances to deteriorate next year, according to findings from Bankrate.com. Another 36% of survey participants don’t foresee their finances improving next year. When Bankrate asked the question last year, just over a quarter, 26%, said their finances would worsen while 42% said their finances would be around the same in 2022. Another look at consumer mood adds to the gloom: Nearly two in 10 people (18%) expect their financial situation to worsen in 2023, according an Allianz Life survey released days ahead of Bankrate’s findings. The 18% is up from the 12% who told Allianz last year that they thought their finances would slip in 2022. A third view of consumer mood piles it on. Four in 10 Americans think their finances have grown worse in the last year and around one-third (36%) said their financial situation will improve next year, Deloitte said in an ongoing gauge of consumers’ views. Inflation concerns powered the pessimism in both surveys, coming when the drumbeat of a potential 2023 recession keeps pounding. After the Federal Reserve announced its latest interest …

Article Attribution | Read More at Article Source

Share This