A new survey of American consumers conducted by the Certified Financial Planner Board of Standards, Inc. (CFP Board), shows that 9 out of 10 Americans are concerned about the current cost of living in the United States.
The Cost of Living Consumer Sentiment Survey found that in the current economic environment, 63% of Americans are concerned about purchasing necessities such as food and clothing, and the 55% are worried about paying their rent or mortgage.
Americans have different concerns:
89% have concerns about the cost of living
87% for inflation and price increases
72% are buying sale items
65% are buying cheaper brands
64% cook at home
63% purchase fewer products
“These past few years have not been easy for the American people,” said Kevin R. Keller, executive director of the CFP board of directors, CAE.
“From the pandemic to the latest banking news, uncertainty has prevailed. This concern increases the need for competent and ethical financial advice,” Keller added.
The analysis shows that while there are similarities between the different age groups, there are also marked differences. For example: “consumers 45 and older are more concerned than their younger counterparts about the cost of living (92% vs. 85%) and inflation or price increases (94% vs. 80%). These older consumers are also more likely to shop for sale items (74% vs. 71%) and cook at home (65% vs. 63%).”
Survey shows that the ability to save money is a concern for everyone (82%). This concern increases for those over 45 years of age (86% vs. 78%), perhaps due to the shorter time they have to save. This also applies to current savings or emergency funds, where 75% of those over 45 are worried compared to 68% of those under 45.
Debt remains a major challenge for Americans, who are most concerned about credit card debt (96%) and medical debt (78%). In the midst of the student loan crisis, only 23% are concerned about student debtand that number increases to 40% for consumers under the age of 45.
For more details of the survey, enter here.
The survey was conducted on February 28, 2023 among 944 adults who completed an online questionnaire. The CFP Board is a professional body for personal financial planners in the US.
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