It is important for consumers to take necessary precautions, like building an emergency fund to make sure their family is protected when a recession occurs.
BOSTON (PRWEB) November 25, 2019
While 73 percent of consumers are worried about a possible recession, only 36 percent say they know how to prepare for one, according to a new survey by national nonprofit American Consumer Credit Counseling.
“Recessions can cause long-lasting financial damage to those who are not prepared,” said Steve Trumble, President and CEO of American Consumer Credit Counseling. “It is important for consumers to take necessary precautions, like building an emergency fund to make sure their family is protected when a recession occurs.”
When asked what recession fears they are most worried about, consumers cited increasing personal debt (27 percent) and job loss (26 percent) as their top worries. Other respondents say they are concerned about depleted savings (18 percent), losing home value (ten percent), and tapping into retirement (six percent). Although a majority of consumers are worried about a recession, only 35 percent have an emergency fund, and only nine percent are focused on building one.
A majority of consumers (57 percent) are preparing for a possible recession by paying down debt while others are cutting unnecessary expenses (nine percent). Twenty-three percent of respondents are not preparing at all.
According to Bloomberg economists, there is a 26 percent chance of a recession happening in the next twelve months. That is higher than it was a year ago but lower than it was before the last recession.
This online poll surveyed 129 consumers on the organization’s website, http://www.consumercredit.com. The infographic illustrating the survey results can be found here: https://www.consumercredit.com/media/219056/2019-recession-fears-survey-results-1.pdf
ACCC is a 501(c)3 organization that provides free credit counseling, bankruptcy counseling, and housing counseling to consumers nationwide in need of financial literacy education and money management. For more information, contact ACCC:
- For credit counseling and student loan counseling, call 800-769-3571
- For bankruptcy counseling, call 866-826-6924
- For housing counseling, call 866-826-7180
- Or visit us online at http://www.ConsumerCredit.com
About American Consumer Credit Counseling
American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling 501(c)(3) organization dedicated to empowering consumers to achieve financial management through credit counseling, debt management, bankruptcy counseling, housing counseling, student loan counseling and financial education concerning debt solutions. To help consumers reach their goal of debt relief, ACCC provides a range of free consumer personal finance resources on a variety of topics including budgeting, credit and debt management, student loan assistance, youth and money, homeownership, identity theft, senior living, and retirement. Consumers can use ACCC’s worksheets, videos, calculators, and blog articles to make the best possible decisions regarding their financial future. ACCC holds an A+ rating with the Better Business Bureau and is a member of the National Foundation for Credit Counseling® (NFCC®). For more information or to access free financial education resources, log on to ConsumerCredit.com or visit http://www.consumercredit.com/financial-education.aspx