A total of 84 percent of Americans said they are concerned about a recession occurring by the end of the year, according to this quarter's BMO Real Financial Progress Index.
Over the past three months, nearly three quarters (74 percent) of Americans said their concerns about inflation have increased. More than 70 percent feel their financial momentum is threatened by higher grocery bills (78 percent) and the rising cost of gas (76 percent). To prepare for a potential recession, 76 percent of Americans said they are making lifestyle changes such as delaying large purchases on a new house or car, paying down debt, and cutting back on holiday spending.
Americans are not waiting to take action to improve their financial situations in the event of a recession. Nearly 8 in 10 Americans (76%) said they plan to adjust their lifestyles in response to recession concerns:
34 percent are delaying major purchases, like buying a new home or a car.
29 percent ar