As the new year approaches, Americans are likely filled with hope — and some dread.
After a difficult 2022, many of us are in financial trouble. And while we hope that 2023 will be better, we also harbor some anxiety about how the next 12 months will impact our wallets.
Recently, Fidelity Investments surveyed more than 3,000 adults as part of its “2023 Financial Resolution Study”.
Fidelity asked participants to list their biggest money worries in the new year. The following are the top concerns they mentioned.
4. Political uncertainty
Respondents citing this as the top financial issue for 2023: 25%
It’s no secret that America is divided in half between “red” and “blue” voters. As political tensions rise, many Americans seem concerned about how such a spat might impact their finances.
3. Unexpected expenses
Respondents citing this as the top financial issue for 2023: 38%
Life has a habit of dropping unforeseen expenses into your lap when you least can afford them.
If you’re worried about sudden expenses derailing your finances, maybe 2023 is the year to raise an emergency fund. For more, check:
2. Uncertainty/economic recession
Respondents citing this as the top financial issue for 2023: 39%
Everyone seems to be worried about an imminent economic recession – even many billionaires. No one knows for sure whether a recession will hit next year, but the odds seem to be in favor of such a downturn.
While you can’t prevent a recession, you can prepare for its effects. For more, read “9 Ways to Prepare Your Finances for a Recession.”
1. The impact of inflation on spending and saving
Respondents citing this as the top financial issue for 2023: 43%
Prices were already rising in 2021, but 2022 is the year inflation really hit America and around the world.
After decades of relatively stable prices, inflation has returned with a vengeance, endlessly eroding the value of our dollar and making it harder to come by by the day.
With any luck, inflation should moderate in 2023. But for now, fight higher prices by listening to Money Talks News founder Stacy Johnson discuss “10 Sure Ways to Beat Inflation.”
