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Some 59% of Americans falsely believe that the U.S. is currently in a recession, despite the economy remaining remarkably strong amid persistent inflation and high interest rates, CNBC reports.
That’s according to a recent survey of 2,000 adults by Affirm in June. Citing higher costs and difficulty making ends meet, most respondents said they think a recession started roughly 15 months ago in March of 2023, and could last until July 2025.
Regardless of the country’s economic standing, many Americans are struggling in the face of rising prices for everyday items, and most have exhausted their savings and are now leaning on credit cards to make ends meet.
“Money is top of mind,” says Vishal Kapoor, senior vice president of product at Affirm. “Consumers are resilient but they’re feeling the pinch of higher prices.”
Economists say there is a growing disconnect between how the economy is doing and how people feel about their financial standing.
