Fully two-thirds (67 percent) of U.S. adults expect the economy will enter a recession later this year, Northwestern Mutual’s newly released “2023 Planning & Progress Study” has found.
According to the research, most Americans are responding to economic uncertainty with action, making adjustments – small and large – to their financial priorities and choices.
More specifically, economic uncertainty is leading most Americans (60 percent) to postpone plans and purchases of one kind or another. More than a third (36 percent) of people say they are postponing daily purchases like meals out, new clothes and event tickets. Three in 10 (29 percent) say they are shelving large purchases or projects like remodeling a home or buying a new car. For younger adults, the postponements also include putting some big life decisions on pause.
“The impact of inflation continues, and Americans are reminded about elevated prices every time they fill up their gas tanks,” said Christian Mitchell, Chief Customer officer at Northwestern Mutual. “However, worries about recession are quickly rising from nil to real. For Gen Z in particular, that means learning how to prepare for the long-term and the risk of the first sustained economic downturn in their young professional lives.”
The “2023 Planning & Progress Study” was conducted by The Harris Poll on behalf of Northwestern Mutual among 2740 U.S. adults aged 18 or older. The survey was conducted online between Feb. 13 and March 2, 2023. Data are weighted where necessary by age, gender, race/ethnicity, region, education, marital status, household size, household income and propensity to be online to bring them in line with their actual proportions in the population.
Click here for more from the study.
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Honoring a Legacy: How Smith & Son Jewelers Exceeded Every Goal With Wilkerson
When Andrew Smith decided to close the Springfield, Massachusetts location of Smith & Son Jewelers, the decision came down to family. His father was retiring after 72 years in the business, and Andrew wanted to spend more time with his children and soon-to-arrive grandchildren.
For this fourth-generation jeweler whose great-grandfather founded the company in 1918, closing the 107-year-old Springfield location required the right partner. Smith chose Wilkerson, and the experience exceeded expectations from start to finish.
"Everything they told me was 100% true," Smith says. "The ease and use of all their tools was wonderful."
The consultants' knowledge and expertise proved invaluable. Smith and his father set their own financial goal, but Wilkerson proposed three more ambitious targets. "We thought we would never make it," Smith explains. "We were dead wrong. We hit our first goal, second goal and third goal. It was amazing."
Smith's recommendation is emphatic: "I would never be able to do what they did by myself."
