Americans Confident Managing Money, But Concerns Remain About Inflation, Rising Costs and More

Americans are confident managing their money, including 91% of respondents in the Greater Philadelphia and Delaware region, but 34% in the region were not confident they could weather an economic downturn or recession, a survey from WSFS Bank found.

Impact of Inflation and Rising Costs
Among regional respondents:

• 34% were not confident they could afford rising costs of living.
• 33% are tapping into their savings to help pay for everyday items.
• 25% have more debt now than a year ago.
• 52% said if faced with an emergency expense of $1,000 or more, they would have to borrow money, take out a loan or pay it off with a credit card over time.

Financial Education and Confidence
Regional respondents said:

• 43% said banks and financial service providers are where they received their financial education.
• 44% feel they did not receive enough financial education and guidance about managing their money.
• 45% said they felt disadvantaged by the amount of financial education they received.

Importance of Financial Access and Advice
Among regional respondents:

• 71% said they wished they had received more financial education.
• 62% said they found it easy to access financial products to meet their individual needs.
• High interest rates (39%) and fees/costs (39%) are the leading barrier to entry when using financial products.

Why it matters: Inflation and rising costs have had an impact on many consumers’ financial security and goals over the past year. Financial literacy plays a key role in helping to build the confidence needed for consumers to achieve their goals, but financial access is equally as important. Equitable access to financial products and services can help ensure all consumers have an opportunity to succeed.

Deep Dive: Read the full press release from the study, which surveyed 1,001 residents of the Greater Philadelphia and Delaware region and 1,000 national respondents 18 years and older.