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 …