Consumer Behavior

Financial stress impacting consumers

Image via Istock.com

January 20, 2023

More than half of Americans, 55%, had financial challenges in 2022 compared to 37% in 2021. In addition, 42% of respondents and 52% of millennial respondents report feelingoverwhelmed or burned out from finances, according to the KeyBank 2023 Financial Mobility Survey.

The data also found 89% of those polled said their biggest financial mistake was budgeting compared to 35% in 2021. Despite these issues, 85% want to become more aware of their financial picture.

"The last several years have taken a toll on individuals, impacting their financial and mental well-being," Jamie Warder, head of digital banking at KeyBank, said in the release. "With the uptick in income decline and consistency of financial faux pas has made many consumers feel less savvy about their finances this year compared to last. Yet, despite all this, Americans find themselves much more mindful about money going into 2023."