Only 63% plan to include being smarter with money as a New Year’s resolution, compared to 76% in 2021 and 73% in 2020
LOS ANGELES, December 21, 2022 /PRNewswire/ — Americans revealed a gloomy view of their finances for 2023 in an annual New Year’s personal finance survey commissioned by Slickdealsa community of millions of real people working together to save.
According to the survey, 58% found 2022 economically difficult for them – a stark contrast to 2021, where only 15% found the year difficult, and 2020, which was difficult for 47%.
Slickdeals Annual Survey Reveals Diminishing Financial Optimism As 2023 Approaches
The annual survey of 2,000 Americans, commissioned by Slickdeals and conducted by OnePoll, asks American adults to rate their finances over the past year and examines personal finance goals as the New Year approaches.
When asked whether or not their 2023 New Year’s resolutions were going to include being smarter with money, only 63% said “yes”, a considerable drop from 76% in 2021 and 73% in 2020. Eleven percent said they’re so frustrated with 2022, they won’t even bother making resolutions for the year ahead.
In 2021, 66% of respondents said 2022 would be the year they would become financially stable. However, only 53% have the same feelings for 2023.
The study found that the culprit for this year’s financial pressure is mainly inflation. Nearly four in five (79%) share a concern about inflation, with 66% seeing it as a major setback to meeting their financial goals in 2023.
Of course, other factors have played a role in people’s economic outlook, such as gas prices (52%), paying more bills (38%) and the ongoing pandemic (32%).
Last year, factors such as medical costs (47%) and sudden loss of income (38%) were among the top financial stressors. In 2020, the pandemic (53%) was the most important factor.
For the first time in this year’s survey, 59% said they had to postpone major purchases due to inflation. The most reported purchases are cars (42%), clothes (38%), new phones (31%), renovation projects (28%) and new computers (24%).
“While this year’s survey finds people are less optimistic about their finances than they were in previous years’ surveys, the new year is a good opportunity for a financial reset,” said Louie Pattersonpersonal finance content manager for Slickdeals.
In fact, 55% aim to restore their financial situation in 2023. To do this, people plan to spend more wisely (54%), eliminate unnecessary bills (41%), get out of debt (36%) and create a monthly budget (35%). Their goal is to save on average $312 per month.
Four in five (84%) said they “feel better mentally” knowing they are in control of their finances. Almost as many (78%) think financial stability can have a positive domino effect on their lives.
Patterson added, “Buying smarter can lead to big savings with just a few simple tweaks like eliminating subscriptions, accessing rewards programs, and finding more deals to get the best value. community of millions of real shoppers helping other shoppers like this at Slickdeals is a great way to ensure you get the best products at the best prices.”
TOP 10 WAYS TO FIX YOUR FINANCES IN 2023
Spend money more wisely – 54%
Elimination of unnecessary invoices – 41%
Getting out of debt – 36%
Creation of a monthly budget – 35%
Improved credit ratings – 34%
Eat in/take out less often – 34%
Look for deals or coupons while shopping – 33%
Invest money – 31%
Selling things you no longer need or want – 27%
Get a new job – 21%
To learn more about the survey, visit here.
About Slickdeals
Slickdeals is a community of millions of real people, working together to save, so consumers can be sure they’re getting the best deal. Twelve million shoppers help other shoppers by reviewing and voting on the best products at the best prices from all the top retailers. Through the power of human intelligence, the Slickdeals community saved their savvy shoppers $10 billion. Slickdeals can be experienced online, as well as through shopping tools such as its free Android or iOS app; his browser extension for Chrome, Firefox and Edge; and his cash back rewards program.
Survey methodology
This double opt-in random survey of 2,000 general population Americans was ordered by Slickdeals Between November 22 and November 28, 2022. It was produced by a market research company OnePollwhose team members are members of the market research company and are corporate members of the American Association for Public Opinion Research (AAPOR) and the European Society for Opinion and Research in Marketing (ESOMAR).
SOURCESlickdeals
