More than two-thirds of Americans (71 percent) have more than $500 in savings, up four percentage points from 2022, according to a national survey from Discover Personal Loans. Nearly one-third (32 percent) saved up to $29,999 this year, compared to 27 percent last year.
High inflation and rising debt, however, detracted form these positive trends. The survey found that more than half of respondents feel stress about their everyday expenses and 76 percent have some level of anxiety about their financial situation.
Though 74 percent of Americans feel moderately or fully in control of their finances this year, many still feel the effects of inflation. In fact, a majority (58 percent) said inflation is the top contributor to their financial stress and more than half spent less as a result. When asked where they reduced spending due to inflation, nearly 20 percent of respondents said they cut back on necessary spending, in particular groceries (82 percent) and standard personal care (59 percent).
Related: Grocers Prepare for Holiday Season; Food, Beverage Bounce-Back Expected.