the staff of the Ridgewood blog
Ridgewood NJ, Consumers feel 5% less confident about their financial outlook now than they did one year ago, according to the latest WalletHub Economic Index, released today (with accompanying expert commentary). This is the third largest year-over-year drop during 2022.
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The WalletHub Economic Index is a monthly survey that evaluates economic prospects based on 10 components of consumer sentiment. These components revolve around how people feel about their finances, purchasing plans and employment opportunities.
Key Stats – Negative Outlook
- Rising stress: Consumers’ stress levels regarding money are nearly 7% worse in October 2022 compared to last year.
- Low financial optimism: In October 2022, consumers’ optimism about their finances reached its second lowest recorded level, after decreasing more than 7% in the past year.
- Less interest in auto purchases: The share of consumers who expect to buy a car in the next six months is 5% lower in October 2022 compared to last year.
- Fewer new employment opportunities: The share of consumers who feel new employment opportunities are “abundant” is nearly 4% lower in October 2022 compared to last year.
Key Stats – Positive Outlook
- Strong sense of job security: People’s confidence in having a job in six months is 4% higher in October 2022 compared to last year.
- Real estate remains popular: Surprisingly, home-buying interest among consumers increased slightly (0.8%) during the past year.
The complete WalletHub Economic Index results can be found at https://wallethub.com/edu/
