Financial Concerns Wrapped: Inflation is Top Consumer Concern in 2022, According to New Research From Lincoln Financial Group
November 30 2022 - 3:33PM
Business Wire
Bad Bunny might have topped the most-streamed artist list in
2022, but when it comes to what financial concerns top the charts
consumers are singing the blues on inflation, according to new
research from Lincoln Financial Group (NYSE: LNC).
While recession fears are widespread, inflation has been the top
concern in rotation for all of 2022, finishing the year with 71% of
Americans saying they’re concerned about it, up from 64% in the
first quarter. Having enough income in retirement maintained the
number two spot, and the level of worry increased from 52% in the
first quarter to 59% in the fourth quarter.
Beyond the concerns they have, Americans across all age groups
are seeing the importance of protection — 82% say they would like
to invest their money in a solution that protects them during times
of market volatility, even if it means fewer gains when the market
is performing well. And, 82% agree that due to rising costs
elsewhere in their budgets, it is more important for them to have
protection against expenses or lost income in case of an unexpected
event.
“It’s been another challenging year, as Americans are grappling
with many things beyond their control — inflation, the performance
of the market and the economic climate overall,” said Elena French,
Senior Vice President, Corporate Marketing, Lincoln Financial. “We
conduct this research to ensure we understand exactly what
challenges consumers are facing, and it shows that the protection
and solutions Lincoln Financial can provide are more important than
ever.”
Top financial concerns
Consumer concerns, 1Q and 4Q 2022 – total concern is those who
answered 4 or 5 on a scale where 1 = not at all concerned and 5 =
very concerned.
Consumer concerns
Q1 2022
Q4 2022
1.
Inflation
64%
71%
2.
Having enough income in
retirement
52%
59%
3.
Supporting myself or my family if
I lose my job
45%
55%
4.
Supporting myself or my family if
I become disabled
46%
53%
5.
Protecting myself against
identity theft, cybersecurity, fraud, etc.
50%
53%
Source: Lincoln Financial, Consumer Sentiment Tracker,
2022. The goal of this research is to gauge consumer sentiment
on a variety of financial topics. Data was collected in March,
April, May, June, July, September, October, and November 2022 using
the Qualtrics survey platform. Responses were collected from a
total of 1000+ U.S. adults each month. The sample included quotas
to be representative of the total U.S. adult population.
About Lincoln Financial Group
Lincoln Financial Group provides advice and solutions that help
people take charge of their financial lives with confidence and
optimism. Today, approximately 16 million customers trust our
retirement, insurance and wealth protection expertise to help
address their lifestyle, savings and income goals, and guard
against long-term care expenses. Headquartered in Radnor,
Pennsylvania, Lincoln Financial Group is the marketing name for
Lincoln National Corporation (NYSE:LNC) and its affiliates. The
company had $270 billion in end-of-period account values as of
September 30, 2022. Lincoln Financial Group is a committed
corporate citizen included on major sustainability indices
including the Dow Jones Sustainability Index North America and
FTSE4Good and ranks among Newsweek’s Most Responsible Companies.
Dedicated to diversity, equity and inclusion, we are included on
transparency benchmarking tools such as the Corporate Equality
Index, the Disability Equality Index and the Bloomberg
Gender-Equality Index. Committed to providing our employees with
flexible work arrangements, we were named to FlexJobs’ list of the
Top 100 Companies to Watch for Remote Jobs in 2022. With a long and
rich legacy of acting ethically, telling the truth and speaking up
for what is right, Lincoln was recognized as one of Ethisphere’s
2022 World’s Most Ethical Companies®. We create opportunities for
early career talent through our intern development program, which
ranks among WayUp and Yello’s annual list of Top 100 Internship
Programs. Learn more at: www.LincolnFinancial.com. Follow us on
Facebook, Twitter, LinkedIn, and Instagram. Sign up for email
alerts at http://newsroom.lfg.com.
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Media: Kelly DeAngelis kelly.deangelis@lfg.com
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