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December 22, 2022

Consumers More Worried About 2023 Finances

Posted In: Retail Articles


An annual New Year’s personal finance survey commissioned by Slickdeals, a site where consumers and editors pass around information about available bargains, suggested the consumers may be rethinking their personal finances as they look to 2023.

In the survey, 58% of respondents said 2022 had proven economically difficult for them in contrast to 2021, when only 15% saw difficulty, and 2020, when 47% were concerned about potential problems, the company indicated.

Yet, when asked whether or not their 2023 New Year’s resolutions included being smarter with money, only 63% said yes, down from 76% in 2021 and 73% in 2020. Then, 11% said they were so frustrated with 2022 that they’re not even going to bother making resolutions at all.

In 2021, 66% of respondents claimed 2022 would be the year they become financially stable, but only 53% expressed the same sentiment for 2023. At the same time, 55% of consumers said they planned to repair their financial status in 2023 by spending money more wisely, at 54%, removing unnecessary bills, at 41%, getting out of debt, at 36%, and creating a monthly budget, at 35%. Their intention is to save an average of $312 per month.

As they look ahead, 79% of consumers surveyed shared concern about inflation, with 66% seeing it as a major setback to them reaching their financial goals in 2023. Other factors that played into consumer economic outlook include gas prices, at 52%, paying more bills, at 38%, and the ongoing pandemic, at 32%.

Inflation has caused 59% of consumers to postpone making major purchases such as cars, at 42%, clothing, at 38%, new phones, at 31%, renovation projects, at 28%, and new computers, at 24%, Slickdeals maintained.

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