(Credit: Justin Sullivan, Getty Images)Īmong generations, baby boomers and Gen Xers are more likely to expect to be financially worse off than younger adults over the next 12 months. Still, that doesn’t mean that could change – as some industries experience layoffs.Ĭustomers shop for eggs at a Sprouts grocery store on Apin San Rafael, California. Last week, the Bureau of Labor Statistics reported the US economy added 339,000 nonfarm payroll jobs in May, well above what was expected and the 14th straight month job creation topped economist forecasts. “The combination of rising interest rates and elevated inflation, while not uncommon from a historical perspective, is an unfamiliar experience for many consumers.”īuffering those concerns has been the consistently strong labor market, according to Wise. “We are living in uncharted territory from a consumer credit perspective,” Wise said in a statement. ![]() This was followed by concerns over increasing prices on rent or mortgage (45%), and rising interest rates (41%), TransUnion found. Overall, 79% of respondents said inflation was a top worry, outranking fears of a recession (53%). ![]() The survey, fielded between April 25 and May 9 also revealed that for the sixth consecutive quarter, consumers cited inflation as causing the most anxiety. Shopper looks for credit card at a contactless payment in the supermarket.
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