According to new research conducted by Talker Research on behalf of Affirm, a buy-now, pay-later service, a majority of Americans believe that the U.S. economy is in a recession, despite not being officially declared one. The survey of 2,000 Americans found that 3 in 5 people think the economy is doing worse than experts say it is, with the top reasons cited being inflation and the rising cost of living.
Vishal Kapoor, senior vice president of product at Affirm, stated that amidst the uncertainty and doubt surrounding the economy, consumers are seeking ways to feel in control of their finances. The research also revealed that 2 in 3 Americans feel that the current inflation rate is negatively impacting their future plans, affecting their ability to save and afford upcoming purchases.
Kapoor emphasized the importance of offering greater choice and transparency in managing finances as a way to combat the current lack of confidence in the economy. The survey also found that respondents who believe the U.S. is in a recession think it began around 15 months ago and expect their feelings about a recession to last until approximately July 2025. Additionally, the study highlighted that conversations around money and smarter ways to pay, such as options to pay over time without late or hidden fees, are contributing to a more optimistic outlook on the economy.
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