NerdWallet study shows 60% of Americans less confident about finances

Experts offer advice on how to strengthen your financial situation
According to a new study American optimism about the economy is low, only 13%.
Published: Oct. 18, 2022 at 11:20 AM AKDT
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InvestigateTV - Nearly 60% of Americans say the current state of the economy makes them feel less confident about their personal finances according to a new study from NerdWallet. The study also revealed only 13% of Americans feel optimistic.

Sara Rathner, a personal finance expert with NerdWallet, said there are lots of misconceptions that could be affecting how people feel about the economy. “60% of Americans incorrectly believe that a recession is when we have low unemployment and high inflation, when actually the opposite is true,” Rathner explained. “It’s when we have high unemployment and falling inflation.”

Even though you can’t control inflation and supply chain issues, Rathner said there are a few things you can do to at least improve your own financial situation.

  • Revisit your budget: there may be areas you can cut back
  • Try to free up cash for savings in case of an emergency
  • Consider financial decisions from all angles: raising deductibles could hurt you in the long run, for example

For more information, check out NerdWallet’s guide to Managing Your Money During Tough Times.