SEATTLE–(COMMERCIAL THREAD)–doxo, the innovative web and mobile bill-paying service, today released data from a new survey on Americans’ concerns about inflation and its impact on their finances in 2023. The new doxo report INSIGHTS, “The Impact of Inflation on Paying Household Bills in the New Year” shows that the vast majority of Americans (86%) are concerned about the impact of inflation on their financial health in the new year. 73% worry that the “Inflation will have a specific impact on their ability to pay bills. The report further analyzes which categories of bills people believe will be affected, as well as how long they think it will take to improve their households, as well as the economy at large.
Last year, household bills grew 6% from a year earlier, with the average American household spending $24,032 a year on utility bills (just over $2K a month, and 36% of the median household income US dollars of $67,521). Specifically, utility bills rose 7 percent in the third quarter of 2022 compared to the same period a year earlier, with energy prices expected to continue to rise across the country during the cold winter months, according to US Energy Information. Administration.
“The average American household has been hit hard by inflation in recent months, and these findings show how much these cumulative effects are weighing on Americans heading into this new year,” said Liz Powell, director of INSIGHTS at doxo. “While Americans are understandably prioritizing their most essential bills, such as rent and car payments, most worry about being able to pay utilities, cable and Internet, and cell phone bills in a timely manner.” “.
Key findings from The Impact of Inflation on Paying Household Bills in the New Year’s Report include:
- 86% of consumers are concerned about the impact of inflation on their financial health in the new year: Given recent strains on household budgets due to domestic inflation, it is no surprise that the vast majority of consumers are concerned about the state of their financial health in 2023.
- 73% of consumers are concerned about the impact of inflation on their ability to pay bills in the future: As household bills continue to rise due to inflation, it’s no surprise that consumers are concerned about how they’ll keep up in the new year.
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Utilities top the list of household bills that consumers are most concerned about paying in the future: Of more than 70% of consumers who are concerned about paying their bills going forward, 73% say they are most concerned about paying for their utilities, followed by Auto Insurance and Cable & Internet (both 63%), then Phone mobile phone (62%). The percentage of people worried about being able to pay the ten most common household bills include the following:
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Utilities 73%
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Car insurance: 63%
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Cable and Internet: 63%
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Mobile: 62%
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Alarms and Security: 51%
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Health insurance: 50%
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Life insurance: 44%
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Dental insurance: 42%
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Car loan: 42%
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Mortgage: 39%
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Rent: 33%
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- 61% of consumers believe it will take more than a year for the US economy to recover: Most consumers believe the US economy will struggle for at least another year; 18% believe the impact of inflation over the past year+ means they will never recover.
- 72% said it will take 6 months or longer for their family’s financial health to improve: Seven in ten consumers believe it will take 6 months or longer for their family’s financial health to improve, nearly 50% said it will take more than a year and just over 10% said it will never improve.
For more information or to view the full report findings, please visit: https://www.doxo.com/insights.
About doxo INSIGHTS
DOXO FURTHER INFORMATION provides direct insight into household financial health and spending activity by leveraging consumer surveys and doxo’s unique aggregate bill payment dataset, which includes actual bill payment activity to household service providers confirmed throughout the country. The doxo data brings together the largest dataset available for analyzing actual household bill-paying activity, drawing from more than 8 million paying consumers in more than 97% of US ZIP codes. The doxo payment network covers over 120,000 billers in 45 different service categories and allows payments via bank accounts, credit cards or debit cards. This extraordinarily broad statistical base powers doxo INSIGHTS reports, uncovering key trends in household financial health and bill-paying behavior.
About doxo
For over 8 million users nationwide, doxo makes it easy to organize and pay any bill with any payment account on any device through one standard, secure checkout every time; doxoPLUS adds 5 essential financial protections that boost your financial health. For billers, doxo’s network-based bill payment platform enables online and mobile payments with incredibly simple integration, radically lower costs, and features not available in traditional direct bill platforms. For fintech and payment network partners, doxo delivers innovation to over 8 million users in 97% of US ZIP codes, facilitating payments to over 120,000 service providers in the doxo directory. For employees, doxo is an energetic, creative and ever-evolving team that is building fintech tools designed to help millions of people stay on top of the most fundamental obligations of their financial lives. For investors, doxo offers an extraordinary opportunity to invest alongside Jackson Square Ventures, MDV and Bezos Expeditions to disrupt a market that represents more than $4 billion in US household spending. doxo is headquartered in Seattle, WA. For more information, visit www.doxo.com.