Over 80% of Americans are concerned about an upcoming recession according to the results of the report "Navigating Economic Uncertainty: Are Americans Financially Prepared for a Recession?
GREENVILLE, S.C., Oct. 19, 2023 /PRNewswire-PRWeb/ -- Over 80% of Americans are concerned about an upcoming recession according to the results of the report "Navigating Economic Uncertainty: Are Americans Financially Prepared for a Recession?"
The study surveyed over 500 employed Americans ages 25 to 54 and asked questions relating to how respondents would deal with financial difficulties in the face of a recession. Key takeaways of the report include:
- 82% of respondents are concerned about a potential recession in the near future.
- 47% of respondents are financially preparing for a recession
- 52% of respondents said they would likely explore borrowing options to navigate through a recession
- 75% of respondents have experienced financial difficulties in the past year
- 2 out of 5 respondents said $500 or more expense would have a significant negative impact on their overall financial situation.
According to the survey, a majority of respondents would hold off on making major purchases in the face of a recession. Their biggest areas of concern during a recession would include housing expenses and income stability.
Those looking to borrow money to tide them over during a recession would most heavily rely on credit cards and personal loans, while trying to avoid borrowing money from family members or pulling money out of their retirement accounts.
A more detailed write-up of the Economy Uncertainty study can be found here. This research was commissioned by leading loan provider, Advance America
Founded in 1997, Advance America is the country's leading state-licensed consumer lender, with over 900 storefronts in communities in 24 states and online. A member of the Purpose Financial, Inc. family of brands, Advance America seeks to help each and every customer achieve their version of financial stability in the moment and in the future through a variety of innovative, regulated, and transparent small-dollar credit options. Please visit www.AdvanceAmerica.net for more information.
SOURCE Advance America