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, 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 incoming 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 are 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 $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 like the one at Slickdeals 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 % Survey methodology: This random double-opt-in survey of 2,000 general population Americans was commissioned by Slickdeals between November 22 and November 28 , 2022 . It was conducted by market research company OnePoll , whose team members are members of the Market Research Society and have corporate membership to the American Association for Public Opinion Research ( AAPOR ) and the European Society for Opinion and Marketing Research ( ESOMAR ).
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