Americans Report Decline in Optimism About Finances Heading Into 2023 in Annual New Year's Personal Finance Survey Commissioned by Slickdeals

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Dec 21, 2022, 09:07 ET

Only 63% plan to include being smarter with money as a New Year's resolution, compared to 76% in 2021 and 73% in 2020

LOS ANGELES, Dec. 21, 2022 /PRNewswire/ -- Americans revealed a pessimistic outlook about their 2023 finances in an annual New Year's personal finance survey commissioned by Slickdeals, a community of millions of real people working together to save.

According to the survey, 58% found 2022 to be economically difficult for them — a stark contrast to 2021, where only 15% found the year difficult, and 2020, which was difficult for 47%.

Slickdeals annual survey reveals decline in optimism about finances heading into 2023

The annual survey of 2,000 Americans, commissioned by Slickdeals and conducted by OnePoll, asks US adults to assess their finances over the past year and examines personal finance goals heading into the new year.

When asked whether or not their 2023 New Year's resolutions were going to include being smarter with money, only 63% said "yes," a sizable dip compared to 76% in 2021 and 73% in 2020. Eleven percent said they were so frustrated with 2022, they're not even going to bother making resolutions at all for the upcoming year.

In 2021, 66% of respondents claimed 2022 would be the year they become financially stable. However, only 53% have the same sentiments for 2023.

The study found the culprit of this year's financial strain lies primarily on inflation. Close to four in five (79%) shared a concern about inflation, with 66% seeing it as a major setback to them reaching their financial goals in 2023.

Of course, other factors played a role in people's economic outlook, like gas prices (52%), paying more bills (38%) and the ongoing pandemic (32%).

Last year, factors like medical expenses (47%) and the sudden loss of income (38%) were among the top financial stressors. In 2020, the pandemic (53%) was the largest factor.

New to this year's survey, 59% claimed they have had to postpone making major purchases due to inflation. The biggest postponed purchases are cars (42%), clothing (38%), new phones (31%), renovation projects (28%) and new computers (24%).

"While this year's survey reveals that folks are less optimistic about their finances than they have been in past years' surveys, the new year is a good opportunity for a financial reset," said Louie Patterson, personal finance content manager for Slickdeals.

In fact, 55% are aiming to repair their financial status in 2023. To do so, people plan on spending money more wisely (54%), removing unnecessary bills (41%), getting out of debt (36%) and creating a monthly budget (35%). Their aim is to save an average $312 per month.

Four in five (84%) said they "feel mentally better" if they know they have their finances under control. Nearly as many (78%) believe having financial stability can have a positive domino effect in their lives.

Patterson added, "Shopping smarter can lead to big savings with just a few simple tweaks such as eliminating subscriptions, tapping into rewards programs, and finding more deals to get the best value. A community of millions of real shoppers helping other shoppers like the one at Slickdeals is a great way to ensure you're getting the best products at the best prices."

TOP 10 WAYS TO REPAIR YOUR FINANCES IN 2023

Spending money more wisely - 54%

Removing unnecessary bills - 41%

Getting out of debt - 36%

Creating a monthly budget - 35%

Improving credit scores - 34%

Dine out/take out less often - 34%

Seek out deals or coupons when shopping - 33%

Investing money - 31%

Selling no longer needed/wanted belongings - 27%

Getting a new job - 21%

To learn more about the survey, visit here.

About Slickdeals

Slickdeals is a community of millions of real people, working together to save, so consumers can be confident they're getting the best deal. Twelve million shoppers help other shoppers by vetting and voting up the very best products at the best prices from all the top retailers. Through the power of human intelligence, the community at Slickdeals has saved its savvy shoppers $10 billion. Slickdeals can be experienced online, as well as through shopping tools such as its free Android or iOS app; its browser extension for Chrome, Firefox and Edge; and its Slickdeals Cashback rewards program.

Survey methodology

This random double-opt-in survey of 2,000 general population Americans was commissioned by Slickdeals between November 22 and November 28, 2022. It was conducted by market research company OnePoll, whose team members are members of the Market Research Society and have corporate membership to the American Association for Public Opinion Research (AAPOR) and the European Society for Opinion and Marketing Research (ESOMAR).

SOURCE Slickdeals