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CHICAGO, Sept. 28, 2022 /PRNewswire/ – This quarter’s BMO Real Financial Progress Index results found that Americans are growing increasingly concerned about rising consumer prices, inflation, and a potential recession. A total of 84% of Americans said they are concerned about a recession occurring by the end of the year. Over the past three months, nearly three quarters (74%) of Americans said their concerns about inflation have increased. More than 70% feel their financial momentum is threatened by higher grocery bills (78%) and the rising cost of gas (76%). In order to prepare for a potential recession, 76% of Americans said they are making lifestyle changes such as delaying large purchases on a house or car, paying down debt, and cutting back on holiday spending.
BMO Real Financial Progress Index (CNW Group/BMO Financial Group)
These findings are from the latest BMO Real Financial Progress Index, a quarterly survey conducted by BMO and Ipsos that measures Americans’ sentiment around financial confidence. The survey was conducted from July 27 to August 29, 2022.
Concerns vary significantly by generation. Older Americans report feeling more concerned than younger generations. Between ages 55-64, 82% said their concerns about inflation have increased over the last three months, compared to 62% of those between aged 18-24 and 70% of those aged 25-34.
Americans are not waiting to take action to improve their financial situations in the event of a recession. Nearly 8 in 10 Americans (76%) said they plan to adjust their lifestyles in response to recession concerns:
U.S. adults report feeling significantly less financially secure compared to this time last year. A significant decline in confidence is also reported compared to last quarter.
“It’s clear that Americans are feeling the weight of inflation with concerns of a recession in mind, and now, many are going so far as to put off their homebuying journey or buying a new car,” said Paul Dilda, Head of U.S. Consumer Strategy for BMO Financial Group. “BMO’s findings only underscore what we know is crucial right now – that everyone should look at their finances and develop a solid plan after talking with their banker or financial advisor. With the right advice and tools, people can continue to reach their financial goals and make financial progress through inflationary periods.”
Most Americans understand the importance of having a budget. However, there is room for improvement as the Index revealed 25% of Americans do not track financial progress. The number is higher among women (30%) compared to men (21%).
BMO offers the following tips to help Americans make financial progress:
To find out how BMO can help customers make financial progress, visit: https://www.bmoharris.com/main/personal
Launched in February 2021, the BMO Real Financial Progress Index is an indicator of how consumers feel about their personal finances and whether they are making financial progress. The index aims to spark dialogue that will help consumers reach their financial goals and to humanize a topic that causes anxiety for many – money.
The research detailed in this document was conducted by Ipsos in the United States from July 27 to August 29, 2022. A sample of n=3,402 adults ages 18+ were collected. Quotas and weighting were used to ensure the sample’s composition reflects that of the U.S. population according to census parameters.
For more information on how BMO’s products and services can help consumers make real financial progress, visit http://www.bmoharris.com.
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider – the 8th largest bank, by assets, in North America. With total assets of $1.07 trillion as of July 31, 2022, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.
For further information:Media contact: Lucas Seiler,[email protected], 312-931-5351
Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/84-of-americans-concerned-a-recession-will-occur-in-the-next-three-months-bmo-real-financial-progress-index-301635100.html
SOURCE BMO Financial Group
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