Planning for 2023 New Year’s Financial Resolutions

    There’s no doubt that the last two years have been financially stressful for Americans. Here’s what most Americans are doing to prepare. We will be referencing this article from Fox Business. 

    In a survey by Fidelity investments, 39% of respondents plan to save more money, 28% are looking to spend less money and 32% want to pay down debt. 

    According to the Fidelity survey, Americans ranked inflation as the top financial setback in 2022. 

    The Consumer Price Index (CPI), a measure of inflation, rose 7.1% year-over-year in November. While still unusually high, that spike marked the slowest monthly increase since the end of 2021.

    Considering the events of the past few years, 45% of respondents say they are considering more conservative goals for the year ahead. 

    As many Americans plan to live more conservatively in the new year, we may be heading into a recession. 

    “Next year will be particularly challenging for the U.S. and global economies, “Mike Fratantoni, the MBA’s chief economist and senior vice president, said at the 2022 MBA Annual conference in Nashville. “The sharp increase in interest rates this year – a consequence of the Federal Reserve’s efforts to slow inflation, will lead to an equally sharp slowdown in the economy, matching the downturn that is happening right now in the housing market.”

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