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
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%).