According to a poll, most Americans had to reduce their spending in some way in the previous six months. Moreover, as inflation is only getting worse, one in every three Americans says their personal finances have suffered as well.
More precisely, 37% said they’ve noticed their finances getting worse, 45% haven’t noticed any changes, while 18% feel like their situation has improved when compared to the year before.
For comparison, back in February, about 29% of Americans said they had noticed a negative change in their finances.
Moreover, 72% of Americans said they had to cut back on at least one thing over the last six months to be able to cover their monthly bills and other necessities.
In addition, 54% said they eat out much less than they used to, while 40% said they drive less in order to save on gas.
Even more worrisome, 18% said they stopped paying their bills, medical expenses, credit card payments, and even rent. This is also why credit card debt grew by 13% over the past year, the highest increase in the last 20 years.
Similarly, 18% have skipped their prescription drugs or doctor’s appointments. As groceries got expensive too, 39% have cut back on food.
For August 2022, stats show that consumer prices have increased by 8.3% when compared to the same period the year before. While the labor market seems to be holding up, the hourly earnings don’t seem to be keeping up with inflation.
The difficulty of the current state does not affect everybody equally, but it’s safe to say that most Americans are concerned about their financial future.