2020 seemed to be a time when unprecedented economic hardships were going to come to the fore, and that is why 47% of Americans stated that they had a hard time managing their finances in that year. This number dipped to just 15% in 2021 due to the winding down of the pandemic, but in spite of the fact that this is the case things are now worse than ever with 58% of Americans now stating that they have experienced a backslide in 2022, as per Slickdeals survey.
With all of that having been said and now out of the way it is important to note that this might be making people somewhat more reckless with their money than might have been the case otherwise. Back in 2020, 73% of people said that being more responsible with their money was going to be a part of their New Year’s resolution.
That went up to 76% in 2021, and it has now crashed to just 63% in 2022. 11% of survey respondents went so far as to say that they weren’t going to make any financial resolutions at all because they were so frustrated by their finances.
Wealth accumulation also seems to have become far less of a priority for most Americans. Only 55% of the 2,000 Americans who responded to this survey said that they are going to be focusing on wealth accumulation in 2023. That’s down dramatically from 76% in 2021 and 72% in 2020 with all things having been considered and taken into account.
79% of people said that inflation was making it harder for them to set financial goals because of the fact that this is the sort of thing that could potentially end up making the prices of essential goods difficult to predict. Coming up with a financial plan requires a stable economic environment, so it’s no surprise that people are starting to get such a grim outlook for 2023. This is hopefully going to be the year when markets finally reach the bottom, and they would ideally start a bull run again that would make up for the loss of wealth incurred.
Read next: Will 2023 be better than 2022? The world doesn't seem to think so
With all of that having been said and now out of the way it is important to note that this might be making people somewhat more reckless with their money than might have been the case otherwise. Back in 2020, 73% of people said that being more responsible with their money was going to be a part of their New Year’s resolution.
That went up to 76% in 2021, and it has now crashed to just 63% in 2022. 11% of survey respondents went so far as to say that they weren’t going to make any financial resolutions at all because they were so frustrated by their finances.
Wealth accumulation also seems to have become far less of a priority for most Americans. Only 55% of the 2,000 Americans who responded to this survey said that they are going to be focusing on wealth accumulation in 2023. That’s down dramatically from 76% in 2021 and 72% in 2020 with all things having been considered and taken into account.
79% of people said that inflation was making it harder for them to set financial goals because of the fact that this is the sort of thing that could potentially end up making the prices of essential goods difficult to predict. Coming up with a financial plan requires a stable economic environment, so it’s no surprise that people are starting to get such a grim outlook for 2023. This is hopefully going to be the year when markets finally reach the bottom, and they would ideally start a bull run again that would make up for the loss of wealth incurred.
Read next: Will 2023 be better than 2022? The world doesn't seem to think so
