While consumer confidence has risen to a high in August, 30% of Americans have cut their spending due to concerns on the economy, according to a TD Bank survey. Is it time for more consumers to curb their spending?
TD Bank head of US credit cards and unsecured lending Chris Fred joins Wealth! to give insight into consumer spending trends and what consumers should know about how to take care of their wallets.
“We’re also seeing consumers feel like they actually have the ability and the confidence to manage their finances. It’s just a lot of work… it necessitates a fair amount of grit and work to be able to manage your cash flow and your finances, and so definitely see this this weighing on consumers, but… Americans continue to be quite resilient,” Fred explains, emphasizing that it’s “a lot of work and a lot of anxiety” for consumers.
The TD Bank survey also found 67% of respondents to be losing sleep over their financial situations.
“Knowledge really is power, when you think about how you’re spending, where you’re spending. If you don’t necessarily know what those are, it’s really hard to build a budget, it’s really hard to understand how that relates to your income stream and things of that nature,” Fred tells Yahoo Finance. “There’s so many tools out there for you to go after.”
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