- Fannie Mae’s latest survey shows growing unease about financial outlook
- Concerns about potential job losses are rising amid economic uncertainty
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Americans’ confidence in their finances is at its lowest level in last 13 years, as inflation and fears of a recession cast a pall of uncertainty over the economy.
In February, just 31% of Americans believed their personal financial situation would improve in the next year, the lowest figure on records dating back to 2010, according to Fannie Mae’s monthly survey released on Tuesday.
The share who expected their finances to get worse decreased slightly to 20%, while the share who expected them to stay the same jumped to 48%, a new survey high.
The survey seemed to reflect growing uncertainty over the job market and key factors for household net worth such as home prices and the stock market, as the Federal Reserve cranks up interest rates to battle persistent inflation.
The percentage of respondents who said they were concerned about losing their jobs in the next year jumped to 24% from 18%, while the share saying they were not concerned dropped to 73%, from 82% the month before.
Other results showed that the share of respondents who said their household income was significantly lower than it was a year ago increased to 12% from 10% the month before.
The percentage of respondents who said their household income was significantly higher than 12 months ago remained unchanged at 22%.
However, the share of consumers who said the economy was on the wrong track decreased 2 percentage points to 71%. The share who said the economy was on the right track increased 2 percentage points to 28%.
The monthly survey of 1,000 American adults found that sentiment about the housing market remains generally negative, as the Fed’s rate hikes push mortgage rates higher and depress homebuying activity.
