{photoSource}East Oregonian{/photoSource}

We enter 2023 in an uncertain economy. Will inflation slow? Is a recession coming? If so, can we minimize its depth and duration? These questions weigh on all of our minds.

I can’t offer a definitive answer to what lies ahead in 2023. And faced with so much, in an environment where political, economic and social divisions run deep, it can be easy to give into pessimism.

I choose to embrace optimism.

Concerns over the economy are not unfounded. But we also must remember the economy is cyclical. This is not to diminish the very real challenges people face. Rising prices and interest rates have indeed made this a difficult time for financing and made major purchases significantly more expensive over the last year. And many are spending down their savings to cover expenses, counter inflation, and satisfy debts.

Weathering the ebbs and flows of the economy is not easy, but the strategy to succeed in any economic environment comes down to overall financial wellness. It is easier said than done, of course. But less debt and more savings is a combination that will help individuals smooth any disruption from the overall economy. It’s a strategy that we and other like-minded financial institutions have been encouraging to our members for years and a message that holds particular resonance now.

Savers have a new weapon in their arsenal, too. While high interest rates might mean holding off on a new auto, home, or other major purchase, the upside for savers is that financial institutions are offering higher returns on conventional savings vehicles like certificates and money market accounts than we have in years. Plus, with tools like recurring, automatic transfers, financial institutions have made saving easier than ever before.

Even the most well-prepared can fall on hard financial times, though. An unexpected illness, a struggling company that reduces its workforce, and stubborn inflation can all crack a solid financial foundation.

So it’s up to all of us to not only do the right things now to fortify our own finances, but also to continue to watch out for the well-being of our friends, family, and neighbors. The healthier we are, the easier it will be to help those in need when called upon to do so. And vice versa.

I take heart in knowing that Oregonians will continue to do what we can to help others. I have seen time and time again over the last few years that challenges — both big and small — bring out the best in most of us. Neighbors helping neighbors after devastating fires. An army of volunteers providing food, clothing, and shelter to those in need. Millions of dollars donated to nonprofits, supporting a range of causes but all aimed at making Oregon a better place.

This sense of community helped us through the last major recession that began in 2008, when systemic failures pushed us to what felt like the brink. It helped us during the pandemic when the world shut down overnight.

I have no doubt that together we’ll continue to meet the challenges ahead, just as we have so many times before.

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