A recession is a very real possibility.
As the Federal Reserve aggressively raises rates to combat persistent inflation, the tough stance could come at a price. Already, falling stock markets have wiped out more than $9 trillion in wealth from U.S. households.
And yet, 31% of Americans said they are not equipped for an economic downturn and are not actively doing anything to better prepare for one, according to a recent Bankrate.com report.
“Recession depression, recession fatigue — whatever you want to call it, the hits to Americans’ financial security keep on coming, first with the devastating coronavirus pandemic, followed by 40-year-high inflation and now the growing risk of another downturn,” said Bankrate.com analyst Sarah Foster.
“Sustaining motivation for two-plus years to prepare for tough economic times can no doubt feel exhausting,” she said.
“People have spent 2½ years managing a global pandemic, uncertain financial futures, political turmoil and growing inflation,” he said. “At some point, people will run out of will to keep making good choices for their futures.”
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