The annual survey reveals that Americans are less optimistic about their finances than they have been in past years, over half of them found 2022 to be economically difficult
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The annual New Year’s personal finance survey, commissioned by Slickdeals, discovered that 58% of Americans found 2022 to be economically difficult. Only 53% of respondents believe 2023 will bring them financial stability.
Compared to the previous years, the results show a clear decline in optimism about finances. In 2021, only 15% found the year difficult, while 2020, plagued by the pandemic, was challenging for 47% of surveyed Americans.
Moreover, there is a sizable dip in people who plan being smarter with money in 2023. Namely, only 63% included that point in their New Year’s resolutions, compared to 76% in 2021 and 73% in 2020. Besides, 11% of respondents were so frustrated with 2022, they’re not going to make resolutions for the next year at all.
Nevertheless, 55% of the surveyed Americans are planning to repair their finances in 2023. The main ways to do that are: spending money wiser (54%), removing unnecessary bills (41%), getting out of debt (36%) and creating a monthly budget (35%). The average savings goal is $312 per month.
Reasons for the financial pessimism
This year’s financial stress is mostly linked to inflation. About 79% shared their concerns about inflation, while 66% of respondents believe it was a major obstacle on the way to their financial goals in 2023.
Other factors that affected Americans’ economic outlook were high gas prices (52%), more bill payments (38%), and the ongoing pandemic (32%). Last year, the top financial stressors included medical expenses (47%) and the sudden loss of income (38%).
Additionally, in 2022, 59% of respondents had to postpone major purchases due to inflation. Those included cars (42%), clothing (38%), new phones (31%), renovation projects (28%) and new computers (24%).
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