Household finances dramatically impacted by inflation have shifted consumer attitudes and behaviors. While consumers remained optimistic, lenders looking to thrive in this environment should recalibrate the risk within existing portfolios, as well as assess new applicants. Identifying resilient consumers in this dynamic environment is key for lenders to successfully gauge risk.
Overall, 53% of Americans reported being optimistic about their financial futures despite high inflation and recession worries. In Q3 2022, 79% of consumers stated inflation was one of their top three financial concerns. Not surprising given the annual inflation rate in the US has remained above 8% since March 2022. The results from the Aug. 11–18 TransUnion survey of 3,000 American adults found economic concerns are tied to age and household income.
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