Americans may feel okay about their own finances but far less confident about the economy overall, according to a new report from Lending Tree.
5 On Your Side broke down what’s driving that divide and why it matters for your wallet.
LendingTree surveyed more than 2,000 Americans. Nearly half, 46%, said they feel negative about the U.S. economy. More 38% believe things will get worse over the next year.
What’s driving the concern? Inflation tops the list, with 62% of Americans saying the rising cost of living is their biggest worry. Behind it are fears of a recession and concerns about retirement security.
The report also shows Americans are divided on leadership. About one-third said they’re confident in the federal government’s ability to manage the economy, while another one-third said they’re not confident at all.
Matt Schulz with LendingTree talked to 5 On Your Side about what people can control.
“A firm financial foundation means a significant emergency fund,” Schulz said. “It means that you are working on knocking down your high-interest debt … building your emergency fund and knocking down your high-interest debt can go a long way toward preparing you for the future.”