RALEIGH – More than half of U.S. consumers – 52% – expect their finances to improve this year, says a new survey from Raleigh-based consulting firm Brooks Bell.
The survey was designed to help businesses plan for the new year.
“Understanding what customers need in 2023 starts with understanding how the uncertainty of 2022 impacted their finances,” said Gregory Ng, CEO of Brooks Bell. “Taking it a step further by conducting a self-evaluation of your organization’s processes and tools is key to delivering a better user experience. Financial service providers must be ready to match the accelerating pace of consumer expectations with better solutions, and the smartest will use the opportunity of the new year to experiment with new and improved operations.”
Findings cited by Brooks Bell include:
- More than half (52%) of consumers said they expect to see their financial situation improve in 2023 — and have saving and budgeting top of mind in the new year. Americans are hopeful as we kickoff 2023, with 91% saying they do not foresee needing to increase their credit card debt this year.
- The majority of Americans (54%) had trouble managing their household budgets in 2022. Gen X had the most difficulty, with 1 in 4 saying they found the task “extremely difficult.”
- 89% of Americans decreased spending due to inflation in 2022. Categories most affected included groceries (51%) and transportation (37%), followed by discretionary spending in retail (37%) and entertainment (37%).
- 28% of savings accounts decreased (and 14% of Americans have no savings accounts at all). Gen Z appear to be the biggest savers — just over half (51%) say their savings grew in 2022. No other generation had a majority of respondents saying the same.
- 67% of Americans hold a balance of over $20 in a P2P mobile payment app. While the reasons vary, most said they simply wanted some funds available outside of their bank accounts, and nearly half (43%) indicated holding a P2P balance makes transfers faster.
To see the full report, check this link.
