Money matters: 3 in 4 fear inflation will ruin their financial goals for 2022

NEW YORK — Mark your calendars: two-thirds of Americans are hyping up 2022 as the year to become more financially stable.

A survey of 2,000 U.S. residents found 76 percent have a new year’s resolution centered around being smarter with their finances, up from 73 percent who stated the same last year. This optimism comes as 62 percent of respondents believe 2021 was easier on their finances — double the amount of people who claimed 2020 was painless on their wallets (31%).

Moreover, while half the poll (47%) saw financial difficulties in 2020, only 15 percent said the same this year. However, over four in five (83%) Americans are concerned about inflation and 76 percent fear that it will be a major setback in reaching their financial goals for 2022. People’s employment status may also play a role in how they feel about their finances. Seventy-six percent had a full-time job in 2021, up from 58 percent in 2020.

Commissioned by Slickdeals and conducted by OnePoll, the survey aimed to compare and examine personal finance goals heading into 2022 with the results from a similar survey heading into 2021.

Half of Americans want to get rid of their debt

New Year FinancesThe study also revealed three in four (76%) believe they can accumulate more wealth in the new year by repairing their current financial problems. The best ways to do so, according to respondents, include getting out of debt (50%), removing unnecessary bills (47%), and seeking deals or coupons when shopping (44%).

More than three-quarters (77%) recognize that being more financially responsible means changing their shopping habits, despite 65 percent admitting they went overboard with their spending in 2021. Most respondents (83%) believe having financial stability can positively affect their lives.

“The new year is a great time to review your financial scorecard for the past year and then set goals for improvement,” says Louie Patterson, senior finance editor for Slickdeals, in a statement. “It’s promising that heading into 2022, Americans reported optimism about their finances, and some simple tweaks in the new year can help them reach their goals even faster.”

Shopping smarter in 2022

New Year FinancesSeventy-seven percent of those in the poll believe saving money is easier if they are smarter about shopping. For many, that means setting more money aside each month. The average person saved $328 per month in 2021 and now they hope to save $408 per month in 2022. However, saving money can also involve using more coupons or promo codes. In 2021, the average person used 13 coupons or promos per month, up from 10 per month in 2020.

Respondents shared that when they shop responsibly, there are several factors they consider, such as paying attention to the number of good reviews a product has (49%), the retailer being trustworthy (46%), and the product’s company being trustworthy (46%). Three in four (74%) add a company’s ethics also matter when deciding whether or not to purchase from them.

Saving more money does not always involve drastically altering your day-to-day lifestyle. Easy changes such as cutting unnecessary subscriptions or looking for more deals and discounts when shopping, can add up to big savings,” Patterson adds. “By tapping into our community of savvy shoppers, consumers can quickly make strides toward their new year’s financial goals.”

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