Prices are rising, and everyone can see it. It may not be a problem to people who are financially safe, however, the general American public are still dealing with financial repercussions related to the pandemic, overflowing debt, and other factors.
Inflation is only another thing to add to the growing list of problems.
In a survey by Country Financial, it is shown that 88% of Americans are worried about inflation.
Read more: Inflation Sees Biggest Jump in 30 Years, Jumps to 6.2% in October.
Americans have noticed a change in the price of many different goods and services across industries in the past three months.
The majority of Americans have noticed higher prices on gasoline or travel (86%), groceries (80%), eating out at restaurants or take out (67%), and utilities (51%).
The survey also says Four in five Americans have heard something about inflation in the past three months (85%); three in five say they have heard a lot about it (58%) and about one in four have heard something although they may not be sure what
(27%), while 3% are not familiar with inflation.
Read more: IRS Reveals Faster Inflation is the Reason Behind Boosting Tax Brackets!
There is also a generational gap in the knowledge about inflation. Baby Boomers and Gen X are much more likely to have heard a lot about inflation (72% and 58%, respectively) than Millennials (49%) and Gen Z (37%).
With economists reporting that inflation is currently increasing and likely to continue to increase into 2022, Americans are starting to think of what actions they will take to be able to pay for the things they need.
Read more: How does President Joe Biden Plan to Stop Inflation?
About half of Americans say they will cut back on dining at a restaurant or take-out meals (48%). Thirty percent say they will keep their current technology instead of upgrading them.
Another recent survey from DebtHammer.org found that while more than 78% of Americans plan to set aside money for their holiday purchases, 58% said they plan to take out payday or other short-term loans and 66% plan to use buy now, pay later plans.
Read more: Despite High Inflation Rates, Social Security Benefit Gets Biggest Boost in 40 Years
Consumers are now undertaking different measures to reduce the effects of inflation. These include budgeting food, purchasing less clothing, putting off travel plans, and driving less to avoid the surge in gas prices.
Stay updated with more news here with us at the East County Gazette.
