Was 2022 the year of the financial backslide? A new survey suggests a widespread failure of financial stability.
The latest in a series of annual New Year’s spending research asked 2,000 US adults to assess their finances over the past year and their outlook for 2023.
The survey revealed 58% found this year to be economically difficult for them — a stark contrast to 2021, where only 15% found the year difficult, and 2020, during which was difficult for 47%.
When asked whether or not their 2023 New Year’s resolutions were going to include being smarter with money, only 63% said “yes,” a sizable dip compared to 76% in 2021 and 73% in 2020.
Eleven percent said they were so frustrated with 2022, they’re not even going to bother making resolutions at all for the upcoming year.
Similarly, just over half (55%) said they believe in accumulating wealth in 2023 by repairing their financial situation — another dip from 76% last year and 72% the year before last.
In 2021, 66% of respondents claimed 2022 would be the year they become financially stable. However, only 53% have the same sentiments for 2023.
Conducted by OnePoll and commissioned by Slickdeals, the study found the culprit of this year’s financial strain sits primarily on inflation.
Close to four in five (79%) shared a concern about inflation, with 66% seeing it as a major setback to them reaching their financial goals in 2023.
Of course, other factors played a role in people’s economic outlook, like gas prices (52%), paying more bills (38%) and the ongoing pandemic (32%).
Last year, factors like medical expenses (47%) and the sudden loss of income (38%) were among the top financial stressors. In 2020, the pandemic (53%) was the largest factor.
New to this year’s survey, 59% claimed they have had to postpone making major purchases due to inflation. The biggest postponed purchases were cars (42%), clothing (38%), new phones (31%), renovation projects (28%) and new computers (24%).
“While this year’s survey reveals that folks are less optimistic about their finances than they have been in past years’ surveys, the new year is a good opportunity for a financial reset,” said Louie Patterson, personal finance manager for Slickdeals.
To repair their financial status in the year ahead, people said they plan on spending money more wisely (54%), removing unnecessary bills (41%), getting out of debt (36%) and creating a monthly budget (35%). Their aim is to save an average of $312 per month.
For two-thirds, the answer to having a brighter economic year might be to shop smarter — those respondents said in order to shop responsibly, it’s important to find products that can last a long time (52%), be beneficial to everyday life (51%), go on sale often (37%) and comes from a well-trusted company (33%).
Four in five (84%) said they “feel mentally better” if they know they have their finances under control. Nearly as many (78%) believe having financial stability can have a positive domino effect in their lives.
Patterson added, “Shopping smarter can lead to big savings with just a few simple tweaks such as eliminating subscriptions, tapping into rewards programs, and finding more deals to get the best value. A community of millions of real shoppers helping other shoppers is a great way to ensure you’re getting the best products at the best prices.”
Top 10 ways to repair your finances in 2023
- Spending money more wisely – 54 %
- Removing unnecessary bills – 41 %
- Getting out of debt – 36 %
- Creating a monthly budget – 35 %
- Improving credit scores – 34 %
- Dine out/take out less often – 34 %
- Seek out deals or coupons when shopping – 33 %
- Investing money – 31 %
- Selling no longer needed/wanted belongings – 27 %
- Getting a new job – 21 %