Personal Finance News

Majority of Americans Found 2022 to Be Economically Difficult 

With 2022 coming to a close, many are now looking ahead to the new year. Unfortunately, it seems that some consumers have had a rough financial year that’s left them pessimistic about what’s ahead.

According to Slickdeals’ survey of more than 2,000 Americans, 58% of respondents described 2022 as being “economically difficult.” This was a major change from 2021 when only 15% of those surveyed said the same. In fact, the response was even more common this year than in 2020 (47%).

Looking ahead, the number of consumers who plan to make “being smarter with money” one of their 2023 resolutions was down from previous years. This time around, 63% reported having such a goal on their list compared to 76% in 2021 and 73% in 2022. Interestingly, 11% also stated that 2022 left some so frustrated that they don’t intend to make any resolutions for 2023. Respondents were also less likely to believe that the new year would see them become financially stable. In this survey, 53% said they had such hopes for 2023 — down from 66% who said the same of 2022 last year. 

As for what’s ailing consumers, 79% cited inflation as a concern. Moreover, two-thirds (66%) of respondents said they believe inflation would be a “major setback” to them reaching their financial goals in the new year. For context, the overall Consumer Price Index increased 7.1% between November 2021 and 2022, although the rate of inflation has slowed, growing 0.1% during the month.

In a statement about the findings of the survey, Slickdeals’ personal finance content manager Louie Patterson said, “While this year’s survey reveals that folks are less optimistic about their finances than they have been in past years’ surveys, the new year is a good opportunity for a financial reset.” Patterson also offered a tip to consumers looking to improve their finances in 2023, noting, “Shopping smarter can lead to big savings with just a few simple tweaks such as eliminating subscriptions, tapping into rewards programs, and finding more deals to get the best value.”

Given the financial challenges that 2022 has brought, it’s understandable that a number of Americans would be concerned about 2023. And while there is still economic uncertainty, there are reasons for consumers to be hopeful as inflation continues to slow and jobs are added. Of course, no one can predict the future. Therefore, it’s up to individuals to manage what they can with their finances and do their best to reach their money goals. Hopefully, by taking small steps and staying the course, consumers will be able to do just that in 2023.