We're all old enough to know economies are cyclical. We've lived through the dot-com crash and the 2008 sub-prime lending crisis, but our young members have only experienced an economy that points north. And in truth, the economy has been so strong for so long, even some of our older members have eased into habits that may not serve them well over the next several quarters. As credit unions in service to our members and the communities we serve, we need to be proactive in the way we help educate our members.

In a September 2022 study published on MoneyTransfers.com, an estimated two thirds of the U.S. population shared that they did not feel optimistic about their personal finances. At the same time, we're seeing surprising levels of loan applications and credit card spending. What that tells us is even though consumers are concerned about the economy, they're making financial decisions with a mindset stuck in 2019. With what all economic indicators are telling us for 2023, we should be seeing fewer loan applications and less credit card spending.