CHERRY HILL, N.J., July 30, 2024–(BUSINESS WIRE)–TD Bank, America’s Most Convenient Bank® today announced the findings of its annual 2024 Consumer Spending Index, revealing that half (50%) of respondents say their spending has increased the most on groceries over the last year and more than half (58%) say they spend the most money on groceries in a typical month. Although inflation has slowed, nearly one third (30%) of respondents have been cutting back spending due to concerns about the economy and over two in five (42%) of respondents have altered their financial priorities over the past year. Among those whose priorities have shifted, 27% report covering daily living expenses such as groceries and utilities is the priority that has changed the most.
The survey polled more than 1,500 Americans who have a credit card to assess shifts in consumer spending habits, credit usage and financial priorities including strategies for saving and the importance of financial education.
Two-thirds (67%) of those surveyed revealed that some aspect of their finances keeps them up at night, and less than one-third (31%) are planning a major purchase in the next year. Despite these concerns, Americans remain overwhelmingly confident in their financial situations with 85% indicating they are confident in their ability to manage their finances.
MORE:
https://finance.yahoo.com/news/td-bank-survey-reveals-nearly-130500036.html
https://finance.yahoo.com/video/30-americans-cutting-back-spending-165824882.html
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