Consumers in the U.S. feel pessimistic about their financial prospects in 2024, according to the results of a survey released in June by Nationwide. Although it's possible that consumer sentiment may shift as the country's November general election draws near, Nationwide's study indicates that many voters in the U.S. may be selecting the country's future leaders based on current financial strain. Roughly a third of consumer-respondents to the Nationwide Economic Impact study doubt their personal financial situation will improve before the end of 2024. And looking ahead a year, 69% expect the cost of living to continue to swell, and 66% believe the same will happen to housing costs. The carrier interviewed 2,000 adults in the U.S. during the first two weeks of May 2024 to better understand the practical impact of inflation and the economy on U.S. consumers. How might such economic indicators and financial pessimism influence insurance? Casey Kempton, Nationwide's president of Personal Lines Insurance, said in a press release that money worries open a door for agents and brokers to prove their worth. "As consumers focus on how best to manage their finances during this uncertain economic period, an insurance agent can serve as a valuable partner to help people understand how best to manage the sometimes-delicate balance of saving money in the short term without exposing themselves to significant future financial risks," Kempton said. There also are practical insurance matters related to consumer sentiment. Nationwide's research indicated that insurance premiums are an area where policyholders are likely to seek budget savings. Roughly one third of consumers said they will look for ways to reduce premiums on existing insurance policies; 25% said they plan to requote their policies with a different carrier; and18% plan to decrease coverage on existing policies. The slideshow above illustrates just how much consumers in the U.S. are feeling financially pinched, according to Nationwide. See also:

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