Financial Concerns Wrapped: Inflation is Top Consumer Concern in 2022, According to New Research From Lincoln Financial Group
While recession fears are widespread, inflation has been the top concern in rotation for all of 2022, finishing the year with 71% of Americans saying they’re concerned about it, up from 64% in the first quarter. Having enough income in retirement maintained the number two spot, and the level of worry increased from 52% in the first quarter to 59% in the fourth quarter.
Beyond the concerns they have, Americans across all age groups are seeing the importance of protection — 82% say they would like to invest their money in a solution that protects them during times of market volatility, even if it means fewer gains when the market is performing well. And, 82% agree that due to rising costs elsewhere in their budgets, it is more important for them to have protection against expenses or lost income in case of an unexpected event.
“It’s been another challenging year, as Americans are grappling with many things beyond their control — inflation, the performance of the market and the economic climate overall,” said
Top financial concerns
Consumer concerns, 1Q and 4Q 2022 – total concern is those who answered 4 or 5 on a scale where 1 = not at all concerned and 5 = very concerned.
|
Consumer concerns |
Q1 2022 |
Q4 2022 |
1. |
Inflation |
64% |
71% |
2. |
Having enough income in retirement |
52% |
59% |
3. |
Supporting myself or my family if I lose my job |
45% |
55% |
4. |
Supporting myself or my family if I become disabled |
46% |
53% |
5. |
Protecting myself against identity theft, cybersecurity, fraud, etc. |
50% |
53% |
Source:
Lincoln Financial, Consumer Sentiment Tracker, 2022.
The goal of this research is to gauge consumer sentiment on a variety of financial topics. Data was collected in March, April, May, June, July, September, October, and
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Media:
kelly.deangelis@lfg.com
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