Consumer Financial Confidence Decreasing Amid Rising Costs – NBC 6 South Florida

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Consumers are feeling the pinch of rising costs of everyday needs, including cars and homes, as well as increasing rent prices.

“I think everything is going to keep getting higher. I think that’s way too much, and the jobs are paying too low,” said Villani, a consumer.

Meanwhile, other South Florida consumers tell NBC 6 Responds that they have to work two jobs to make ends meet, making it difficult for them to save money.

According to the latest WalletHub economic index, consumer confidence in their financial future has decreased by over 5% since last year. The monthly survey looks into 10 economic components that revolve around how people feel about their finances, purchasing plans, and employment opportunities. 

Analyst Jill Gonzalez from WalletHub says the survey of over 6,000 consumers shows their lack of confidence in the economy is due to inflation and limited job opportunities, and less job security in general, and some shakiness in terms of overall employment and the employment outlook for the rest of the year.

“It’s no secret that many people are feeling the pressure when it comes to their finances these days,” Gonzalez said.

According to the survey, consumers’ stress levels regarding money were nearly 13% worse this February compared to last year. They’re also feeling less optimistic about buying big-ticket items like homes and cars, especially when compared to the peak of the pandemic.

Given the current economic climate, Gonzalez advises consumers to focus on paying off their debt rather than incurring more, especially with the Federal Reserve continuing to raise interest rates. She also suggests holding off on big purchases for the time being.

“Hopefully, we’ll see inflation really start to slow down. It has started to slow down a little bit, but hopefully we’ll start to see actual signs of that by the third quarter of this year,” she said.

Despite the gloomy economic outlook, the survey points out that some consumers are becoming more financially savvy, learning how to save money and stretch their dollars. More consumers are also expecting their credit score to improve in the next six months, which is another sign that they’re taking steps to improve their financial standing in the future.

Consumer Financial Confidence Decreasing Amid Rising Costs – NBC 6 South Florida

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