Many Americans fear that a recession is coming to an end in 2023, but most are optimistic that the economic slowdown won't result in layoffs, a new survey said.
According to a recent survey by the Fintech company Achieve, 73% of Americans said they had a negative outlook on the economy. 74% said they didn't believe that a downturn would affect their jobs.
73% of respondents said they had no plans to leave their current employment, signaling that the Great Resignation trend, which saw thousands of workers quit their jobs in the last two years, may be coming to an end, the survey said.
Achieve Cofounder and Co-CEO Andrew Housser said that workers who are anxious about the economy feel that it's safer to stay in their current jobs. This is especially true among the Baby Boomers who are increasingly near retirement age and prefer the stability of their existing jobs. If you are struggling with high inflation, you can take out a personal loan to pay down debt at a lower interest rate, possibly reducing your monthly payments. You can find out your personal interest rate at Credible without affecting your credit score.
The survey says most of the workers live paycheck to paycheck.
Less than half of the respondents said they were financially prepared to handle a loss of income and 43% said they didn't know or didn't expect to receive severance pay if they were to lose their jobs.
In addition, 66% of respondents said they had less than $1,000 in an emergency savings fund, and 28% said they had no emergency funds.
Many Americans feel that the economy is in bad shape, but they don't see the potential impacts, Housser said. This may prevent consumers from taking the steps necessary to prepare their finances in the event of a loss or reduction in employment or income. If you are looking to reduce your expenses in the current economy, you can use a personal loan to pay down debt at a lower interest rate, saving you money each month. It's possible to compare multiple lenders at once and choose the one with the best interest rate.
The respondents said they would cut back on expenses to cover the impact of job loss because of the fact that most consumers said they had little to no savings.
Consumers said they'd have to let bills go unpaid or take on debt to make ends meet, as well as the top five areas of spending consumers said they would cut back on to get. The riskier methods could cause financial distress and delay consumers' ability to recover from a setback. If you have accumulated debt, you could use a personal loan to help you pay it down at a lower interest rate. You can speak to a loan expert at Credible and get all of your questions answered.
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