While consumers look at their finances, can a year-end deal on Capitol Hill help?
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. Another look at consumer mood adds to the gloom: Nearly two in 10 people 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.
After the Federal Reserve announced its latest interest rate hike Dec. 14 to address inflation — a 50 basis point increase after four 75-basis point increases — Chairman Jerome Powell said the chance of having a recession was “not knowable.” The Bankrate and Allianz polls appear to be downbeat, but both show consumers are actively trying to solidify their household finances.
People in the Allianz study named building up emergency savings as their top financial goal while paying off credit cards and increasing retirement savings were the second and third goals.
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