Three in Five Americans Believe U.S. is in Recession, Survey Finds

A recent survey conducted by Affirm reveals that 60% of Americans perceive the U.S. economy to be in a recession, despite no official declaration. The research, which surveyed 2,000 individuals, highlights inflation and the rising cost of living as the primary concerns, with 68% of respondents citing these factors. Additionally, 50% noted that discussions about financial struggles among friends and family contribute to this sentiment, while 36% observed friends reducing their spending. The survey indicates that those who believe the recession began estimate it started over 15 months ago, around March 2023. This prevailing economic anxiety has led many Americans to reassess their financial futures. Affirm's CEO, Max Kapoor, emphasized the need for greater choice and transparency in financial management as a remedy for the current economic uncertainty, which he termed a "vibecession." In response to these challenges, over half of the respondents (54%) reported using or considering "buy now, pay later" options, with 45% agreeing that such methods help them adhere to their budgets. Kapoor noted that while discussions about money may foster a pessimistic outlook, they also encourage consumers to explore smarter payment solutions that allow for manageable spending without hidden fees. Affirm aims to provide transparent financial products that empower consumers and support businesses, distinguishing itself from traditional credit options by offering clear upfront pricing and no late fees.