Financial management starts at home and finds its way to our work. Inflation is that regressive tax hitting all of us regardless of income levels. That said, the indications from pundits and surveys suggest consumers are making decisions with their pocketbooks and fast. As we look into the corporate response to changing consumer behaviors and sentiment, one thing is clear, it is best to be nimble and flexible with corporate spending decisions. Outside of previous commitments to technology or compliance spending, most investment dollars will be scrutinized through the rest of this year and into '23. Our CFOs are looking at the old adage..."Cash is King"... and preparing for more belt-tightening controls on budget and discretionary spending. Upon further reflection... should we investigate beyond trimming of costs and go deeper into the why of the spending itself. More progressive thinking, and in part fueled by consumer behavior, is leading to more discussion on the overall essence of costs borne and business model adaptability. There is a lot more on this topic to digest. Time has never been an ally in a dynamic environment...
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Inflation Hits Home... Now What?
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According to Morning Consult’s Household Finances & Spending survey, not only are adults below this income threshold consistently less likely to report being able to save each month, but the share who said they have money left over each month has trended lower over the past year. This pattern holds especially true for middle-income earners, who had the most pronounced contraction in their ability to cover expenses — let alone save — in July.
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