Americans are Saving More and Feeling Better About Finances, but Inflation Remains a Persistent Stressor
14 Novembre 2023 - 1:00PM
Business Wire
While 74% of Americans feel at least moderately
in control of their finances this year, inflation has caused 19% to
cut back on necessary spending
A national survey from Discover® Personal Loans revealed that
71% of Americans have more than $500 in savings, up 4 percentage
points from 2022. On a similar trajectory, 32% of respondents saved
up to $29,999 this year, compared to 27% last year.
However, consistently high inflation and rising debt detracted
from these positive trends. The survey found that 53% of
respondents feel stress about their everyday expenses and 76% have
some level of anxiety about their financial situation.
“While it’s heartening to see that Americans are generally
saving more, there are still opportunities for improvement,” said
Rachael Olson, director of product strategy, Discover Personal
Loans. “Given continued financial stress, it’s a good time for
Americans to make efforts to improve their financial situation by
taking steps in addition to saving. Inflation and debt both
significantly impact how and what people save, and it’s important
to explore tools such as debt consolidation to make your money work
for you.”
Despite improved financial confidence, inflation is still top
of mind
Though 74% of Americans feel moderately or fully in control of
their finances this year, many still feel the effects of inflation.
In fact, a majority (58%) said inflation is the top contributor to
their financial stress and more than half spent less as a result.
When asked where they reduced spending due to inflation, nearly 20%
of respondents said they cut back on necessary spending, in
particular groceries (82%) and standard personal care (59%).
Respondents reducing their necessary
spending did so in the following categories:
Groceries
82%
Standard personal care (soap, cleaning
products, toothpaste, etc.)
59%
Utilities
29%
Medical care
27%
Medications
18%
Additionally, 40% of Americans cut back on luxury spending due
to inflation. Of these individuals, 76% said they cut back on
dining out at restaurants/bars, 70% cut back on shopping for things
such as clothes, beauty products, personal goods and technology,
and 57% said they cut back on travel.
On the other hand, more than one-third (36%) either increased
spending habits or did not adjust their spending habits at all over
the past two years as a result of inflation.
Americans generally feel better equipped to manage debt,
although it remains a factor for some
Credit card debt increased for nearly one-quarter (24%) of
Americans over the last two years, with only 12% citing a decline
in their credit card debt.
Americans who experienced increased credit card debt are eager
to tackle it. When asked what their main priority is when managing
their debt, 44% said paying it off quickly is most important and
11% said they are prioritizing lowering their monthly payments.
“Despite a consistently tough macroeconomic environment,
consumers’ outlook on debt could slowly improve this year if they
are able to strategically plan and save,” said Olson. “Consumers
should consider the many tools at their disposal, including
consolidating debt through a personal loan, to help build a path
toward financial freedom.”
Discover Personal Loans provides many options for consumers
looking to manage their debt. To learn more about its offerings,
visit Discover® Personal Loans.
About the Survey
A national survey of 1,000 U.S. residents ages 18 and up was
commissioned by Discover and conducted by Dynata (formerly Research
Now/SSI), an independent research firm, between June 28 and July 3,
2023. The maximum margin of sampling error was +/-3 percentage
points with a 90 percent level of confidence.
About Discover
Discover Financial Services (NYSE: DFS) is a digital banking and
payment services company with one of the most recognized brands in
U.S. financial services. Since its inception in 1986, the company
has become one of the largest card issuers in the United States.
The company issues the Discover® card, America's cash rewards
pioneer, and offers private student loans, personal loans, home
loans, checking and savings accounts and certificates of deposit
through its banking business. It operates the Discover Global
Network® comprised of Discover Network, with millions of merchants
and cash access locations; PULSE®, one of the nation's leading
ATM/debit networks; and Diners Club International®, a global
payments network with acceptance around the world. For more
information, visit www.discover.com/company.
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version on businesswire.com: https://www.businesswire.com/news/home/20231114254002/en/
Sarah Grage Silberman sarahgragesilberman@discover.com
224-405-6029 @Discover_News
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