Consumers Feeling More Financially Confident Than One Year Ago

Consumers felt nearly 8% more confident about their financial outlook in November than they did one year ago, according to the latest WalletHub Economic Index, released in early December.

The WalletHub Economic Index is a monthly survey that evaluates economic prospects based on 10 components of consumer sentiment. These components revolve around how people feel about their finances, purchasing plans, and employment opportunities.

Key findings include the following positive outlooks:

• Large purchases are a priority: In November 2023, consumers were 18% more likely to make a purchase in the next six months than they were at the same time last year.
• Real estate popularity rises: Home-buying interest among consumers increased substantially by nearly 15% in November 2023 compared to last year.
• Increase in debt-reduction confidence: The share of consumers who expected to have less debt in six months was 3.5% higher in November 2023 compared to last year.
• Higher sense of job security: People’s confidence in having a job in the next six months was  2.6% higher in November 2023 compared to last year.

On the more negative side, the index found that, while consumers were feeling more confident about their finances, their stress levels regarding money were 8% higher in November 2023 compared to the same period in 2022.

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