Q3 2023 MassMutual Consumer Spending and Saving Index

This research report presents findings from the Q3 2023 MassMutual Consumer Spending and Saving Index, commissioned by Massachusetts Mutual Life Insurance Company and conducted by PSB Insights. The study involved a nationally representative sample of 1,000 U.S. adults and an additional sample of 500 Massachusetts residents. The report outlines current economic concerns among Americans, with inflation being the primary worry for 87% of respondents. It notes a slight decrease in recession concerns compared to the previous quarter. The report also highlights the impact of the Supreme Court's ruling on student loan debt, revealing that 80% of those with student loans anticipate negative financial effects. Additionally, the report discusses anticipated spending patterns for the upcoming holiday season and retirement expectations, indicating that many Americans feel unprepared for retirement. The findings also reflect generational differences in financial priorities and the increasing reliance on social media for financial advice.