September 14th, 2022
“It appears that even with market and economic uncertainty, Americans remain hopeful about their financial futures,” said Mike Fanning, head of MassMutual U.S. “It is encouraging to see that despite ongoing financial headwinds, the prevailing emotion is optimism. However, many Americans feel the pressure and may have their views tested in the second half of this year. Establishing good monetary habits can help people weather volatility and protect their loved ones’ immediate and long-term financial interests.”
Other notable findings include:
Inflation continues to weigh on Americans but has yet to upend their spending habits overall.
Despite these challenges, Americans are more confident about their financial outlook than three months ago, especially Millennials.
Looking ahead: The midterms may push the U.S. political climate to the forefront of Americans’ concerns.
Many Americans anticipate a leaner holiday season compared to last year by making fewer discretionary purchases to streamline their spending.
“The latest findings from our MassMutual Consumer Spending & Saving Index reinforce what MassMutual is already hearing from customers: significant economic challenges have yet to erode Americans’ confidence in their futures,” says Fanning. “Practicing smart financial habits like spending within a defined budget, putting money aside, and investing for the future will help make Americans’ positive financial outlooks a reality.”
The MassMutual Consumer Spending & Saving Index tracks financial outlooks and behaviors in a changing economic environment. It offers an in-depth snapshot of people’s saving and spending behaviors and examines sentiment and attitudes toward navigating the financial impacts of the pandemic and the changing state of the economy with an emphasis on inflation, changes in interest rates and spending. Commissioned by MassMutual, the research was conducted online by PSB Insights from August 16-22, 2022 among a nationally representative sample of 1,000 U.S. adults (ages 18+) as well as an additional sample of 500 adult Massachusetts residents.
Links to prior indexes:June 2022 Index
MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. Founded in 1851, the company has been continually guided by one consistent purpose: we help people secure their future and protect the ones they love. With a focus on delivering long-term value, MassMutual offers a wide range of protection, accumulation, wealth management and retirement products and services. For more information, visit www.massmutual.com.