New Insights Reveal How Economic Fluctuations Impact Spending Habits and Financial Security Across Diverse Incomes
Snap Finance, a leading provider of innovative and flexible pay-over-time financing solutions, announces the results of its latest consumer spending survey. The recent data provides a detailed look into how varying income levels and generational perspectives shape financial stability and consumer behaviors in economic climate.
“We recognize the challenges many are facing in economy, and we’re committed to understanding these hardships through our latest findings”
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The complete report is available for download below:
- Economic Outlook Report: How Income Changes Consumer Behaviors and Views.
Key Highlights
- Financial Stability Across Income Levels: Snap found significant disparities in financial stability, with 27% of lower-income respondents feeling unstable versus just 6% of higher earners.
- Signs of Financial Improvement: Positive financial changes in the past six months were reported by 43% of households with higher incomes, while nearly a third of those with lower incomes said their financial situations have worsened.
- Perceptions of Economic Health: Broad concerns about economic decline were shared by 66% of households across all income groups, with heightened worry among Gen X and Millennials.
- Changes in Consumer Spending: Economic concerns drive 57% of higher earners and 52% of lower earners to seek more deals and discounts. A notable 55% of lower earners are cutting back on nonessential spending.
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- Confidence in Managing Financial Shocks: Confidence in handling unexpected expenses is low, with only 22% of lower-income households feeling very confident, compared to 59% of higher earners.
- Debt Repayment Patterns: When it comes to managing debt (excluding mortgages), 37% of lower-income respondents always make their payments on time, compared to 52% of higher-income households. Millennials (40%) and Gen Z (38%) are particularly challenged in maintaining timely debt repayments.
“We recognize the challenges many are facing in economy, and we’re committed to understanding these hardships through our latest findings,” said Rob Barnhart, President of Snap Finance. “By studying how different income groups are affected, we can more effectively adapt our financial solutions to meet the real needs of our customers. Our dedication to offering straightforward financial products is especially vital as economic uncertainties continue.”
The survey, conducted online from September 4-5, 2024, utilized a panel of 1,002 U.S. adults aged 18 and over, who were balanced for age and gender and were required to be involved in financial decision-making.