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.