Intuit Credit Karma By Credit Karma
- 96% of Americans are concerned about the current state of the economy
- More than a quarter of Americans (27%) “doom spend” to cope with stress
- Nearly one third (32%) of Americans have taken on more debt in the last six months amid increased spending (27%)
Nearly every American is concerned about the current state of the economy (96%) – and it’s stressing them out about their finances.
According to a study conducted by Qualtrics on behalf of Intuit Credit Karma, the top economic concerns among Americans who are concerned about the economy include inflation (56%), the cost of living increases (50%) and unaffordable housing (23%).Of those who are concerned about the economy, nearly half (48%) say not having enough money to afford necessities like food, clothing and rent worries them the most about how a poor economy could impact them, followed by going into debt (34%) and not being able to spend money on things that bring them happiness (30%).
Younger generations are also concerned about how the current economy will impact their future job prospects and earning potential. Nearly a quarter of Gen Z respondents (23%) say they’re most worried about a lack of high paying jobs, decreasing wages (21%) and general job security (16%). Altogether, Americans are worried about their money. According to the study, two thirds of Americans say the current state of the economy gives them anxiety about their finances, with Gen Z and millennials being most likely to report feelings of financial anxiety (71%).
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