Experts there is a high priority on cutting back and spending more time budgeting as interest rates climb.
Mitch Kime, executive vice president of consumer client growth at KeyBank, said “it’s getting more expensive to buy or finance cars, mortgages and things of that nature, but also in comparison to prior years, consumers are sitting on as much money as they had been.”
He said in 2022, as people were prioritizing leisure activities “and spending time with family and friends, above career and making money. We’re now seeing a flip of that year over year. We’re seeing people put a higher emphasis on earning money because now they realize the financial road ahead is going to be a little tougher.”
WATCH COMMUNITY, EPISODE 48:
