November 3rd, 2022
Springfield, Mass. – November 3, 2022 – Americans are heading into this holiday season increasingly stressed and less optimistic about the economy, according to the latest Consumer Spending & Saving Index from Massachusetts Mutual Life Insurance Company (MassMutual). The financial impacts of inflation and the increasing concern about a recession are continuing to put pressure on Americans’ financing, impacting their optimism and leading them to seek change.
“While many have proven to be resilient, our latest index reveals the increasing toll of inflation along with dampening prospects for the holiday season,” said Mike Fanning, head of MassMutual U.S. “The good news is that people can take steps now to better secure their financial future. Just look at recent events with the pandemic, inflation, market fluctuations, you name it. Those who have taken steps to plan for life’s uncertainties, and leveraged times of uncertainty to their advantage, have had more options available to them than those who did not.”
Notable findings from the survey include:
The stress of inflation is increasing, with more Americans changing their spending habits in the face of a worsening economy.
Consumer anxiety is likely to dampen holiday cheer with most Americans planning to limit their holiday spending and travel expenses because of the worsening economy.
“It is important to take deliberate, thoughtful steps to shore up your finances and spending plans to endure whatever may come,” said Fanning. “As we approach the end of the year, people should create a plan that is flexible enough to weather times of uncertainty and help position them to reach their longer-term financial goals.”
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.