How Prepared Are New Yorkers for a Recession?
The talk about a looming recession is nothing new but saving up and preparing for whatever may be coming is definitely on the radar of more and more New Yorkers.
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While a recession has not been confirmed by the government, the whispers of the bottom falling out have finally stopped falling on deaf ears and people are beginning to take things quite seriously. So seriously as a matter of fact, that 60 percent of Americans say that they are taking the threat of a recession seriously this year.
What’s scary is how few New Yorkers are prepared in the event of a recession. 23 percent of people say that they would have absolutely zero savings to fall back on and 43 percent of people say there’s no way that they’re remotely prepared financially if the country were to fall into a recession in 2023.
New Yorkers, aware of the severity of the economy and beginning to take things more seriously say that to get ready for whatever might come, they’re cutting back on frivolous spending, they’re working on building emergency funds, they’re paying down and off credit card debt, and they’re working on ways to bring in extra money through side jobs.
Although many New Yorkers are only just now beginning to take the current financial climate seriously, 56 percent of Americans say that they felt in their gut in 2022 that they needed to slow their spending and so, they did.
When asked what people would spend money on post-recession, responses ranged from buying a house to a car to doing home renovations. In New York though, the overwhelming response was that people want to travel and take a vacation when and if the economy ever comes off the shaky ground its currently on.
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These money-saving tips—from finding discounts to simple changes to your daily habits—can come in handy whether you have a specific savings goal, want to stash away cash for retirement, or just want to pinch pennies. It’s never too late to be more financially savvy. Read on to learn more about how you can start saving now. [From: 25 ways you could be saving money today]