Survey finds most consumers concerned about personal finances

Rising interest rates and high inflation have left most consumers pessimistic about the state of the U.S. economy and their finances, according to a new poll by insurer Nationwide. The company commissioned a poll of 2,000 U.S. consumers in early September—before the Federal Reserve’s most recent interest rate hike—and found that roughly three out of four respondents (76%) rated the state of the economy as either “poor” or “fair.” Sixty-eight percent of respondents expected interest rates to rise in coming months, while a majority expected a recession and further stock market declines.

The survey also found that 77% were concerned about inflation and rising living costs. Roughly half believed that their financial situations have been negatively affected by inflation/rising living costs (66%) and the uncertain economic environment (49%) over the past six months. About four in 10 were worried about losing their jobs, being furloughed or taking a pay cut.