Seven in 10 adults are worried about the possibility of a recession by the end of 2023, according to a survey released by personal-finance site Bankrate.
The economy’s throwing some bad vibes, prompting people to start prepping their finances in anticipation of a recession.
A majority say they’re not ready for a downturn: 41% of Americans say they feel unprepared for a recession if it does happen by the end of next year, with 17% adding that they’re not prepared at all.This includes scaling back spending on discretionary items, saving for more emergencies, paying off their credit-card debt, adding to their retirement stash, as well either adding an additional income stream, or finding more stable sources of income.
“With about half of consumers saying they’re cutting back on discretionary purchases, that alone weighs on economic activity, making a contraction more likely,” Hamrick said in a statement.Additionally, 7 in 10 respondents also believed that inflation will not have gotten any better next year. Some 51% said they believe the cost of living will actually rise, and 20% said they believe it will be about the same as now.
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