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WSFS Bank Study Finds Americans Are Confident Managing Their Money, But Inflation, Rising Costs and Fears of an Economic Downturn Are Impacting Financial Security
WILMINGTON, Del.--(BUSINESS WIRE)-- A new survey from WSFS Bank, the primary subsidiary of WSFS Financial Corporation (Nasdaq: WSFS), found Americans are
About this update from Wsfs Financial Corporation
[{"type":"text","content":" WILMINGTON, Del.--(BUSINESS WIRE)--\nA new survey from WSFS Bank, the primary subsidiary of WSFS Financial Corporation (Nasdaq: WSFS), found Americans are confident managing their money, including 91% of respondents in the Greater Philadelphia and Delaware region (89% nationally), but 34% in the region were not confident they could weather an economic downturn or recession (41% nationally).\n\nThe study, which surveyed 1,001 residents of the Greater Philadelphia and Delaware region and 1,000 national respondents, gauged the financial goals, confidence and access of those 18 years and older.\n\nImpact of Inflation and Rising Costs\n\nThe study found 34% of regional respondents (39% nationally) were not confident they could afford rising costs of living, and many are making changes to their spending habits as a result.\n\nNearly two-thirds (61%) of total regional respondents said they are cutting back on non-essential spending, compared to 69% nationally, while 42% of regional respondents said they are delaying a large purchase like a home, car or furniture. Thirty-eight percent of regional respondents are focusing more on paying down debt because of rising costs, while 33% are tapping into their savings to help pay for everyday items.\n\nRising costs and interest rates have also resulted in 25% of regional respondents saying they have more debt now than a year ago. Among regional respondents, Black (71%) and White (74%) respondents were more likely to cite higher prices and cost of living due to inflation as a reason for their increased debt than Hispanic or Latino (57%) respondents.\n\nHalf (52%) of regional residents said if faced with an emergency expense of $1,000 or more, they would have to borrow money, take out a loan or pay it off with a credit card over time. Sixty-one percent of regional Hispanic or Latino respondents would need to do this compared to 50% of White and 46% of Black respondents.\n\n“Inflation and rising costs have had an impact on many consumers’ financial security and goals over the past year,” said Shari Kruzinski, Executive Vice President and Chief Consumer Banking Officer at WSFS Bank. “High interest rates are making borrowing more expensive. One silver lining to increased rates is the opportunity to earn more on your savings by using higher interest savings tools like High Yield Money Markets and Ce...