Report: The Impact of Inflation on Paying Household Bills in 2023

doxo INSIGHTS’ new report, “The Impact of Inflation on Paying Household Bills in the New Year” shows the vast majority of Americans are worried about the impact of inflation on their financial health in 2023, and that they worry inflation will impact their ability to pay bills. The report further breaks down which bill categories people believe will be impacted, as well as how long they think it will take their own household, as well as the economy at large, to improve. Key findings include:

  • 86% of consumers are worried about the impact of inflation on their financial health in the new year: Given recent strains on household budgets due to nationwide inflation, it is no surprise that an overwhelming majority of consumers are worried about the state of their financial health heading into 2023.
  • 73% of consumers are worried about how inflation will impact their ability to pay bills in the future: As household bills continue to rise due to inflation, it is no surprise that consumers are worried about how they will keep up in the new year. 
  • Utilities top the list of household bills that consumers are most concerned about paying in the future: Of the more than 70% of consumers who are concerned about paying bills in the future, 73% say they are most concerned about paying their Utilities, followed by Auto Insurance and Cable & Internet (both 63%), then Mobile Phone (62%). 
  • 61% of consumers believe it will take more than a year for the U.S. economy to recover: The majority of consumers believe that the U.S. economy will struggle for at least another year; 18% believe that the impact of inflation over the past year+ means that it will never recover.
  • 72% said it would take 6 months or more until their own household’s financial health improves: seven in ten consumers believe it will take 6 months or more until their own household’s financial health improves, nearly 50% said it would take more than a year, and a little more than 10% said it would never improve.

Download the entire The Impact of Inflation on Paying Household Bills in the New Year” report below.

 

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