#3198: TransUnion Study Shows Inflation Has Consumers in a Recession State of Mind...

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Charlie Wise, head of global research and consulting at TransUnion, joined us on the show to share findings from their "Q2 2023 Consumer Pulse Study: Inflation Has Consumers in a Recession State of Mind."

Charlie provided a quick overview of the 2023 Consumer Pulse Study, as well as a few key findings, which are included below:

• For the sixth consecutive quarter, consumers indicated that inflation is causing them the most anxiety, with 79% reporting it as one of their top three financial concerns. Recession (53%) and increased housing prices on rent or mortgage (45%) were the next highest concerns.
• And while the Federal Reserve has increased interest rates 10 times since March 2022, rising interest rates (41%) only ranked as the fourth greatest financial concern for consumers, though that percentage did rise from 39% in Q1 2023 and 34% one year earlier in Q2 2022.
• Optimism Highest Among Younger Generations: Gen Z (73%) and Millennials (69%) are most optimistic about their finances, especially compared to Gen X (51%) and Baby Boomers (41%).
• More than half of Americans (51%) expect their income to rise in the next 12 months compared to 41% in Q1, led by Millennials and Gen Z. These generations expect their income to rise in the next year, 68% and 66%, respectively, compared to 46% for Gen X and 27% for Baby Boomers.

To wrap up, Charlie discussed what lessons were learned from these findings that credit unions can use to help their members. We also addressed consumer concerns on this summer's housing situation: low supply, high rates, high prices, etc.

Great discussion with Charlie, once again. Check it out and let us know your thoughts. And be sure to watch the entire episode below for all the details.