Top 10 consumer and personal finance stories of 2024

It’s been quite a year, 2024, in many, many ways. Consumers have been pushed and pulled, then slammed to the ground with the election of a president who has a record of not acting in the interest of consumers.

When he was president, Trump proposed doing away with the ability of states to carry out consumer protection. Fortunately, Congress didn’t go along with the idea.

States are going to be even more important in their consumer protection role as Trump administration’s agenda unfolds.

As usual, I’m one of the few reporters writing about the top consumer and personal finance stories of the year, research that I enjoy.

Here’s my 2024 top 10 list:

1. Inflation. Inflation slowed dramatically from a peak of about 9 percent in 2022, hovering right near the Federal Reserve’s target rate of 2 percent just before the election. However, consumers were still seeing high prices for groceries, a definite factor in the election results. I wrote many times during 2024 about price gouging and how it’s responsible for more than 50 percent of inflation that’s causing consumers so much stress and hardship. Keeping prices high is helping corporations make record profits.

2. The economy. The economy did well in 2024. The stock market grew, with the S&P 500 delivering an exceptional year-to-date return of about 28.4 percent, and its market value grew by $10 trillion. Although unemployment has ticked up during 2024, it remained relatively low – 4.1 percent in October. Federal Reserve interest rate cuts cooled down the economy slowly enough to avoid a recession, while other countries have contended with slow growth and struggles with inflation.

3. The election. Despite being a convicted felon and hurling racial and misogynistic insults, Donald Trump was elected to another term as president of the United States. Although the economy was doing well, many Americans struggled to make ends meet financially as grocery prices and the cost of living remained high for much of the middle class.

4. Consumer protection. The Biden administration made significant progress in helping consumers in their financial life by: (1) banning junk fees on live ticket events and short-term lodging; (2) increasing oversight of digital payment apps; (3) making it easier for consumers to switch banks and other financial institutions; (4) requiring financial advisors to give prudent, loyal, honest advice free from overcharges; and (5) curbing excessive overdraft fees charged to customers of large banks and credit unions. (Note: It’s interesting that last year’s roundup also included five consumer protections items to help consumers from the Biden administration. I don’t expect to see many, if any, from the Trump administration. I’ll probably have a list of the consumer protections withdrawn. Trump overturned 100 environmental rules enacted by his predecessor Barack Obama.)

5. Real estate fees. As of Aug. 17, all realtors need to follow new rules agreed on by the National Association of Realtors in their settlement of a class action lawsuit. The two big changes: First, sellers will no longer be required to compensate buyer agents. Second, buyers will be required to sign contracts that set the amount of compensation that buyers will owe their agents. The new rules offer great new opportunities for consumers to save money.

6. Climate change. Drought, wildfire, hurricanes, flooding, heat waves, winter storms, and severe storms that contain threats such as hail and high wind damage caused about $1 billion in damages this year. It was another year of record-setting heat and intensifying extreme weather. It seems as though we’re speeding toward a catastrophe with the global cooperation, billions of dollars, and big changes needed not emerging.

7. Chemicals. The United States is so far behind in regulating chemicals, including pesticides and in cosmetics, that it’s discouraging. However, a few bright spots occurred this year: (1) Two solvents, trichloroethylene and perchloroethylene, were banned by U.S. Environmental Protection Agency; (2) Brominated vegetable oil – used to help stabilize citrus flavorings in sodas, sports drinks, and energy drinks – was banned by the U.S. Food and Drug Administration after decades of regulatory inaction; (3) The EPA banned asbestos imported into the U.S.; and (4) The FDA is studying whether it’s safe to put PFAS, known as forever chemicals, in cosmetics.

8. Ultraprocessed food. The evidence piled up this year on the dangers of eating ultraprocessed food. In addition to being linked to obesity, Type 2 diabetes, and heart disease, researchers found that those who eat high amounts of ultraprocessed food have an increased risk of anxiety, depression, metabolic syndrome, dementia, certain cancers including colorectal cancer, and premature death.

9. Regulatory authority. In a stunning blow for consumers and the environment, the conservative U.S. Supreme Court ruled that judges don’t need to defer to federal agencies’ interpretation of ambiguous rules and laws written by Congress. That means hundreds of federal judges – who lack the expertise of agency personnel – will likely reach inconsistent results on the meaning of federal laws as applied to complex, technical issues.

10. Gun violence. Last, but not least, is gun violence. U.S. lawmakers continue, through lax gun laws, to allow almost anyone to buy or get a gun. Every year, 44,000 Americans die from gun violence. That’s 121 Americans killed with guns each day. Mass shootings are a frequent occurrence in America. When the latest one is announced, you aren’t surprised. You read the article to find out where it was and how many people were injured and killed.  

That’s it for this year. I predict that 2025 will be rocky for consumers, the only question is how rocky.