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MReport December 2022

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44 | M REPORT O R I G I NAT I O N S E R V I C I N G DATA G O V E R N M E N T S E C O N DA R Y M A R K E T THE LATEST DATA Economy Hindering Americans from Milestone Purchases, Financial Goals A majority of Americans are delaying life events and activities due to rising inflation, according to a new study from Bankrate. M ore than half of adults have delayed a major financial milestone due to the state of the economy, while another 58% have avoided activi- ties or events, according to a new Bankrate poll. That comes as another 57% say their quality of life has been negatively impacted by the economy. Inflation on everyday essentials, including food and gas, is weigh- ing on Americans' purchasing power, and their earnings have struggled to keep pace. • More than half of adults (or 53%) have delayed a major finan- cial milestone because of the economy, most commonly home improvements or renovations (25%), buying or leasing a car (21%), or buying a home (15%). • Almost three in five (or 58%) have opted out of activities or events because of the economy, most likely taking a vacation (37%); dining out with friends or family (28%); going to an amuse- ment park, zoo, aquarium, or other attraction; or attending live arts events such as concerts and plays (21%). • More than half (or 57%) say their quality of life has been negatively impacted by the state of the economy, including 22% who say they've been very negatively impacted. • Americans whose quality of life has been negatively impacted are much more likely to have delayed major financial mile- stones (62%) or activities (67%) than those who were either positively or not impacted (43% and 46%, respectively). More than half of adults have delayed a major fi- nancial milestone because of the economy. The major financial milestones Americans most commonly say they're delaying because of the economy are no doubt related to that massive increase in interest rates. Those include: • Home improvements or renova- tions (25%) • Buying or leasing a car (21%) • Buying a home (15%)

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