The state of personal finance is gloomy, according to the newly published First National Bank of Omaha (FNBO) “2022 Personal Finance Snapshot Survey.”
According to a nationwide poll of 1,061 adults, 67% of respondents said inflation has made it difficult to afford basic necessities, and 54% say inflation will get worse in the near-future. is ahead. The survey also found 54% of respondents stating they are living paycheck to paycheck, and 46% said that they do not have an emergency fund worth at least three months of expenses.
Furthermore, 35% of non-retired Americans said they have not begun saving for retirement, while 49% said they are now spending more in the current economy versus 27% who say they are spending less, with only 32% stating they are saving more (versus 38% who are saving less) and 21% admitting they are investing more (compared to 38% who are investing less).
“Consumers and their bank accounts are undoubtedly feeling the impact of inflation, and this will only be felt even stronger as we approach the holiday season. We encourage those struggling with their finances to reevaluate their budget to ensure it supports current and future financial goals, and if not, to adjust accordingly,” said Sean Baker, executive vice president of the individual customer segment at FNBO. “Regarding future goals, we continue to see that many Americans aren”™t saving for retirement, which is a critical element of financial wellness, so we urge everyone to contribute what they can to their retirement funds.”
