Findings from a recent Nationwide Agency Forward survey maintains that domestic consumers say the present state of the economy could negatively impact their finances and mental health.
Edelman Data & Intelligence was commissioned by Nationwide to conduct a 15-minute quantitative online survey among a sample of 2,000 nationally representative consumers between Sept. 6 and Sept. 22.
Per the survey results, 76 percent of survey participants rated the nation’s present economy as poor or fair while 53 percent graded the state of their personal finances as poor or fair.
“Consumers are understandably feeling financially vulnerable due to escalating economic pressures,” Nationwide Senior Economist Ben Ayers said. “And they lack a clear understanding of how they can best prepare and brace for continued financial instability.”
The survey also found that 77 percent of respondents cited concerns about inflation and rising living costs, with 71 percent feeling the same regarding a possible recession and economic downturn. In addition, more than half of survey participants said inflation/rising living costs have negatively impacted their mental health, while more than half of consumers have looked into or will look for ways to save on premiums with their existing insurance policies.
“Cutting insurance coverage to save money is a short-term fix that can lead to long-term financial issues if something were to happen,” Nationwide P&C Personal Lines President Beth Riczko said. “Consumers looking for ways to save money should speak with their insurance agent to ensure their policy can best suit their current needs to protect them from any unexpected problems.”