Americans are feeling pretty optimistic about their finances, despite a financially challenging year. According to a new survey of 2-thousand U.S. adults, 76% feel prepared for a recession. That number is even higher for millennials (79%), who feel more prepared than baby boomers (60%).
The poll, commissioned by Affirm and conducted by OnePoll, also reveals:
- Nearly two-thirds (64%) say they feel in control of their finances, with 69% of respondents having a clear plan for managing their money for the rest of 2023.
- That sense of control comes from budgeting (69%), building an emergency fund (68%), paying down debt (64%) and tracking their spending (53%).
- Just over half (51%) think about their finances three or four times a day.
- To prepare for a recession, 55% of respondents changed their approach to their personal finances this spring.
- They did that by saving more (68%), spending less (65%), making a budget (54%), talking to a financial advisor (50%) and downloading financial or budgeting apps (43%).
The most stressful aspects of Americans’ finances
- Their bank account balance - 50%
- Budgeting for big purchases - 44%
- Budgeting for everyday purchases - 43%
- Their bills - 40%
- Late fees on a credit card - 25%
- Owing money after doing their taxes - 18%
- Having too many credit cards - 10%
Source: SWNS Digital