You don’t need to be a financial expert to understand the financial challenges we all face. We experience them as we go about our day-to-day lives, such as when we pay for our groceries or housing.
It comes as no surprise, since inflation is close to a 40-year high1, and interest rates are skyrocketing. In September 2022, groceries cost 13% more than they did a year prior.2 In 2022, a 30-year fixed-rate mortgage increased by 3.86% in a matter of nine months — starting at 3.22 percent in early January and ending at 7.08% in early November.3 Credit card interest rates are at an average of 22.21%.4
Everything is up. And this may get us feeling down.
But there are ways that we can prepare our finances for a recession. In fact, one survey reports that 76% of American adults are already making lifestyle changes to help prepare them for what’s ahead.5
