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The Basking Ridge, N.J.-based Affinity Federal Credit Union released its summer edition of the "Wellbeing and Your Wallet Index" and found that more than one in three consumers surveyed are concerned about affording food in the next month.
The results, published Aug. 16, captured the sentiment concerning the overall financial well-being of more than 3,000 people surveyed around Affinity's service areas of New Jersey, New York, Connecticut and Pennsylvania between June 27 and July 18.
According to Affinity ($4.5 billion in assets, 234,040 members), the report found that 60% of those surveyed agree their finances are a primary source of stress. This was a 5% increase from the previous survey conducted in March of this year.
The results found 35% of respondents are concerned "about their ability to afford food in the upcoming month."
According to the survey results, the younger population are increasingly having concerns about their financial health. "A staggering 44% of Gen Z respondents (ages 18 to 26) and 43% of millennials (ages 27 to 42) shared heightened anxieties about ensuring their next meal. This marks an alarming rise from the first quarter, with Gen Z respondents showing a 22% jump and millennials an increase of nearly 14% in this key area," Affinity officials stated.
Affinity Assistant Vice President and Head of Wellbeing Grant Gallagher said, "The results of our Summer Wellbeing and Your Wallet Index provide a stark snapshot of the current sentiments across our communities. We're witnessing firsthand how economic pressures are affecting everyday decisions, particularly for our younger generations who, in many cases, are grappling with necessities like affording meals for the next month. The ongoing economic downturn, reflected in the growing financial anxieties of local consumers, is a reminder that our mission to support members in their financial journeys has never been more crucial."
According to Affinity, additional findings included:
- Education and Childcare Worries: The upcoming academic year weighs heavily on the minds of one in three respondents, with costs associated with back-to-school, tuition or childcare being a cause for concern. Gen Z (50%) and millennials (44%) once again indicate the highest levels of worry.
- Emergency Funds Depleting: Only 44% of respondents feel confident handling emergency expenses. The Silent Generation (ages 78 to 95) reported greater ease, despite a 5% dip from Q1.
- Inflationary Pressures: Across generations, 42% of participants are stressed by inflation, followed by unexpected expenses (38%) and difficulties in saving (36%).
- Economic Pessimism Persists: Fifty-seven percent of households maintain a negative outlook for the economy in the upcoming year, marking a 6.5% drop from Q1 sentiments.
- Changing Summer Plans: Two in five respondents (41%) have had to reconsider their summer vacations or leisure activities due to financial constraints. Gen Z (49%) and millennials (51%) were more likely to alter their plans, particularly feeling the pinch in lodging (38%) and transportation (25%) costs.
- Silver Lining: Despite the unsettled financial atmosphere, nearly half (46%) remain hopeful about their fiscal future. Gen Z led the pack in optimism at 57%.
The survey was done in partnership with Drive Research.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
