Business
Majority of Households Have Changed Their Budgets Amid Rising Economic Uncertainty, According to New Marqeta Global Consumer Pulse Report
Marqeta’s new report surveyed 4,000 consumers in the US, UK and Australia, looking at the factors guiding their financial decisions in 2023, with several key
About this update from Marqeta, Inc.
[{"type":"text","content":"\nMarqeta’s new report surveyed 4,000 consumers in the US, UK and Australia, looking at the factors guiding their financial decisions in 2023, with several key takeaways:\n\n\nOver half of respondents (57%) agreed that recent headlines about the economy had changed their household budget.\n\n\n51% of consumers currently renting reported that interest rate increases had caused them to delay a house purchase, with 54% of renters citing rent increases in the last 6 months.\n\n\nIn this economic environment, embedded finance options are making a clear case to consumers, with just under half (47%) of respondents reporting that they would consider financial services offered by non-traditional providers, including tech companies, social networks and retailers.\n\n\n OAKLAND, Calif.--(BUSINESS WIRE)--\nMarqeta (NASDAQ: MQ), the global modern card issuing platform, released its first Consumer Pulse Report today. Based on the findings of a February 2023 survey of 4,000 consumers across the US, UK and Australia, conducted on its behalf by Propeller Research, the report details the effects that dynamic economic circumstances and emerging financial technology are having on consumer behavior.\n\nOne key driver for many consumers surveyed: Economic anxiety due to rising costs and an uncertain job market. Amongst those surveyed, 61% of 26-50 year olds reported that they’d changed their household budgeting due to the current economic circumstances, while roughly half of 18-25 year olds and 51-64 year olds said the same. When asked to recall a specific example of the economy impacting their spending habits, over half (57%) of respondents reported they have delayed at least one big purchase due to rising interest rates or the general state of the economy.\n\nHousing provides one example of the impact of current economic circumstances. More than half (54%) of renters surveyed reported that their rent increased within the past 12 months. For prospective buyers, rising interest rates make purchasing a home more expensive, with over half (51%) of renters surveyed indicating that increased interest rates and the general state of the economy have led them to decide to delay purchasing a house.\n\nThe rapid pace of innovation in financial services was another influence on consumers this quarter. In response to emerging new tools and services, consumers a...