Inflation, market volatility pushes most Americans to set money goals in 2023: report

A majority of Americans (88%) said they see room to improve their overall financial wellness and 71% are likely to set financial goals in 2023, a recent Lincoln Financial Group study said. 

Consumers also said that inflation and market volatility has made stability and preparedness a top financial priority. The study showed 56% of respondents said protection from risk is most important to them, 39% said their greatest money goal is protecting their family and 26% said guarding their income was a top priority.

Inflation data for November and October shows that the pace is beginning to slow and some economists said that it may have peaked. However, real concerns remain over whether the U.S. economy could enter a recession in 2023

"Our research reinforced the importance of financial solutions that can help consumers navigate through market cycles and protect their loved ones," David Berkowitz, Lincoln Financial Network president, said in a statement. "People are not only concerned about having enough to pay their bills, but also saving for retirement and preparing for the unexpected. 

"It’s important to have a well-rounded financial plan that can address those risks, protect assets and create positive outcomes for today’s families," Berkowitz continued. 

If you are preparing for retirement or want to better manage current inflation levels, paying down debt is a good place to start. You can contact Credible to speak to a loan expert and get all of your questions answered.

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Consumers seek to comfortably pay for day-to-day needs 

Most respondents (40%) said that financial protection meant being able to comfortably pay for basic living. Another 31% said financial protection meant their family is financially taken care of if something happened to them and 27% said it meant having enough saved for an emergency. 

Retirement also topped the list with 31% of respondents citing the ability to comfortably retire as a financial protection item. 

"Financial conversations play a crucial role," Lincoln Financial said. "Be transparent with loved ones about financial priorities to set expectations and work toward shared financial goals. Initiate ongoing discussions to stay on track with everything from saving for retirement to paying for a long-term healthcare event, which can happen suddenly and be very costly."

If you are struggling amid high inflation, you could consider taking out a personal loan to help pay down debt at a lower interest rate, lowering your monthly expenses. Visit Credible to compare multiple lenders at once and choose the one with the best interest rate for you.

Inflation is top reason Americans need more savings for retirement: survey

Recession adds to challenge of reaching financial goals, economist says

The threat of a recession is very real for how consumers, who are already struggling with inflation and rising costs, keep to their financial goals, according to Tadrus Capital, CEO of Mina Tadrus, a private quant fixed-income investment management firm.

Inflation and rising costs are the reason why 60% of U.S. consumers said they were living paycheck-to-paycheck, according to a recent survey from LendingClub and PYMNTS. 

"Living paycheck to paycheck is a financial reality for many people, and it can have significant consequences on their financial well-being and stability," Tadrus said. 

However, consumers can work to achieve financial goals by using these tips:

Track and budget expenses

By being aware of where their money is going, consumers can identify areas where they can cut back or make more cost-effective choices, Tadrus said. 

One way to stick to a budget is to use budget apps, according to Childfree Wealth Founder Jay Zigmont. "Your goal should be to get better at budgeting each month," Zigmont said.

Cut back on unnecessary expenses 

Consumers can save money by identifying and cutting back on non-essential expenses, Tadrus said. 

"Consumers may be able to save on their monthly bills by canceling subscriptions they no longer use or by choosing less expensive options for items like streaming services and gym memberships," Tadrus said.

If you have accumulated debt, you could consider using a personal loan to help you pay it down at a lower interest rate. Visit Credible to find your personalized interest rate without affecting your credit score.

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