Financial stress: Why Americans are worried and cutting back

According to the Wells Fargo Money Study, 67% of Americans say they have cut back on spending, and 45% say they have put some life plans on hold. The national survey asked over 3,400 U.S. adults and over 200 U.S. teens age 14-17 on attitudes towards money.

Michael Liersch, Wells Fargo Head of Wealth & Investment Management Advice and Planning, joins Yahoo Finance to discuss the survey and dive into American consumer’s worries over finance.

Liersch explains where some of the concerns stem from: “We had a high number of participants say that they didn’t feel like they had a lot to spend on extras. So think about inflation, think about rates or borrowing costs, those types of things putting pressure on Americans and causing them, and many almost have said, to make really tough financial tradeoffs and choices on the day-to-day basis. And I’m a behavioral scientist, so what that means is it makes the mind pretty exhausted when you go throughout the day having to make tough economic choices that you may not have had to make in the past two or three years when inflation was lower or rates were lower.”

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Editor’s note: This article was written by Nicholas Jacobino

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