Survey Shows That 70% Believe This Disaster Is Coming
(FeaturedNews.com) – A new survey from Magnify Money shows that nearly 70% of Americans are coming to terms with the belief that there will be a recession sometime in the next 6 months. Between inflation, housing costs, and continued rising interest rates, people see warning signs everywhere.
While more than two-thirds of respondents said they don’t feel financially prepared to deal with a recession, nearly 90% said they’ve already taken steps to ease the pain if the economy takes a hard downward turn. Cutting back spending is the most popular solution, with strict budgeting and saving for an emergency coming in at 39% and 26%, respectively.
#ICYMI @magnify_money survey finds 68% of Americans don’t feel financially prepared for a recession
70% believe a recession is coming with 59% expecting it in the next 6 months
68% of six-figure earnings predict a recession in the next 6 monthshttps://t.co/roynsPq5Kr
— Greta Wall (@GretaLWall) July 12, 2022
The country’s top CEOs are split on whether or not there will be a recession. A recent article by NPR archiving interviews with the top execs at firms such as JP Morgan Chase, Wells Fargo, Tesla, shows they can’t quite agree whether or not the economy will slip far enough to earn the designation, “recession.” Technically, the entire country needs to feel the negative effects of a shrinking economic system for several months before earning the always-feared moniker.
Economists, on the other hand, are far more certain a downturn is coming. Seven out of ten economists surveyed by the Financial Times believe a recession will happen in 2023, with the number one cause being inflation. To combat this, the Federal Reserve will likely increase interest rates by 3% to 4% – the idea being to slow spending.
It seems like Americans will just have to wait and see who is correct on this matter.
So, what do you think? Is a recession coming?
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