Has the current economy made you change your ways when it comes to spending and saving? New research shows 77% of Americans have changed the ways they manage their finances as a result of ongoing economic conditions.
According to a survey of 2-thousand U.S. adults:
- Nearly nine in 10 (86%) feel like the economy is still uncertain and 58% think a recession is inevitable.
- That’s why many of them want to have more control over their money.
- Half (50%) want to keep more cash on hand for financial uncertainty and unexpected expenses.
- Another 41% want fixed, predictable payments to help manage their budget.
- More than a third (36%) say they’re thinking more long-term about their finances than they ever have before.
- This all makes sense considering that the average respondent expects today’s financial uncertainty to last another 10 months.
- To be prepared for that, 39% are focusing on strategies like avoiding credit card fees and interest.
- People are also trying to boost their financial knowledge, including improving financial literacy (28%), and figuring out how to make different payment options work for them.⠀
- Overall, 83% say they’re focusing on what they can control in terms of their finances.
- That includes making sure they’re not hit with “surprise fees” when making purchases (49%), looking for interest-free offers (41%), and being able to spread payments out over time (35%).
- More than a quarter (27%) stress the need for clear timelines on when payments are due to help them stay in control of their budget.⠀
Source: NY Post
