More Americans have brighter outlook on state of finances for next year: survey
Just shy of a quarter of Americans held gloomier expectations for their financial situations, reporting they anticipated things would become “somewhat” or “significantly worse,” the Bankrate survey showed.
US CREDIT CARDHOLDERS IN ‘CRISIS’ AS THEY FACE AN ‘ADDITION’ TO SPENDING, FINANCIAL EXPERT WARNS
Inflation also had the most weight for U.S. adults anticipating worsening finances. That was followed by “work done by elected representatives” cited by 30%, “stagnant or reduced income” cited by 28% and debt holdings by 20%, among other factors, according to Bankrate.
“Post-election, our survey finds that some Americans see elected officials either as a reason why their finances might not improve (or why they will), affirming a continuing political divide. No matter where someone stands along the political spectrum, the opportunity remains for all to identify financial goals and to act upon them,” Mark Hamrick, a senior economic analyst at Bankrate, said in a statement.
Couples should come together to review finances and craft budgets if they’re planning to stay together long-term. (iStock / iStock)
About 21% of Americans have their sights set on reducing their debt in the coming year, the survey found.
AMERICANS’ HOUSEHOLD DEBT SURGED IN RECENT YEARS AMID CHALLENGING CONSUMER ENVIRONMENT
As of the third quarter, American households collectively owed $17.94 trillion worth of debt, including things like mortgages, auto loans, credit cards and student loans, according to the Federal Reserve Bank of New York.
Americans had $12.59 trillion in mortgage balances in the third quarter, for instance. Student loans amounted to $1.61 trillion, while auto loans totalled $1.64 trillion, the New York Fed found.
