Consumer Behavior

Financial stress impacting consumers

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January 23, 2023

More than half of Americans, 55%, had financial challenges in 2022 compared to 37% in 2021, according to KeyBank's 2023 Financial Mobility Survey. In addition, 42% of respondents and 52% of millennial respondents said they felt overwhelmed or burned out from finances, according to a press release on the findings.

The survey also found 89% 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."