Survey Finds Financial Woes Increased 43% in 2022 — and 2023 Already Has Americans Down in the Dumps

Young sad man spending Christmas Eve alone at home. stock photo
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New year, new you, new optimistic outlook about one’s personal finances, right? Not so much this year. According to a new survey commissioned by Slickdeals, 53% of Americans said 2023 will be the year they become financially stable — down from 66% heading into 2022.

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The survey also found that 58% found 2022 to be economically difficult for them — a sharp contrast to 2021, when just 15% reported financially tough times.

Additionally, when asked whether or not their 2023 New Year’s resolutions were going to include being smarter with money, only 63% said “yes,” — a major decrease compared to 76 % in 2021, and 74% in 2020. Furthermore, 11% or respondents said they were so frustrated with 2022 that they’re not even going to bother making resolutions at all for 2023.

A number of factors contributed to people’s gloomy economic outlook in 2022, including:

  • Gas prices: 52% claimed this as a factor
  • Paying more bills: 38% claimed this as a factor
  • The ongoing pandemic: 32% claimed this as a factor
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However, the main reason for frustration and pessimism, according to the survey, was inflation, with 66% of Americans citing it as a significant setback to them reaching their financial goals in 2023. Fifty-nine percent of respondents said 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%).

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About the Author

Nicole Spector is a writer, editor, and author based in Los Angeles by way of Brooklyn. Her work has appeared in Vogue, the Atlantic, Vice, and The New Yorker. She's a frequent contributor to NBC News and Publishers Weekly. Her 2013 debut novel, "Fifty Shades of Dorian Gray" received laudatory blurbs from the likes of Fred Armisen and Ken Kalfus, and was published in the US, UK, France, and Russia — though nobody knows whatever happened with the Russian edition! She has an affinity for Twitter.
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