Forget about holidays!
Millions of Americans are putting off retirement as inflation continues to soar and President Joe Biden takes the brunt of the blame.
A new survey, conducted by BMO, shows that 25 percent of Americans are considering putting off retirement as the US experiences seemingly runaway inflation that is devaluing savings accounts.
A separate poll from the Trafalgar Group, conducted from May 25 to May 29, shows that roughly 60 percent blame Biden for the rising costs while a little over 31 percent blame Russia’s invasion of Ukraine.
That’s obviously bad news for the White House, but even worse the economic pain appears to be widespread.
Notablyinflation hasn’t only hurt older citizens, it has hit those aged 18-34 particularly hard.
‘Younger Americans are feeling the most impact – over 60 percent of those aged 18 [to] 34 said they had to reduce contributions to their savings,” the survey said.
Six in 10 Americans said inflation has impacted their finances, according to a survey performed by BMO. Twenty-five percent said it has ‘majorly impacted,’ causing millions to push back their retirements
Almost 60 percent of Americans blame President Joe Biden, 79, (pictured in May) for the rising inflation costs
Biden continues to take the brunt end of the blame, while 31 percent blame Russia’s invasion of Ukraine
Americans have been dealing with high inflation rates for months now and many blame the president for the rising costs.
At the White House on Wednesday, Biden said: ‘There’s a lot going on right now but the idea we’re going to be able to click a switch, bring down the cost of gasoline, is not likely in the near term. Nor is it with regard to food.’
The current national inflation rate sits at 8.3 percent and overall spending habits have changed drastically across all age groups.
Forty-two percent of Americans are keeping their wallets close to their chest in grocery store checkout lanes and at the dinner table, as many are opting to purchase cheaper store brand items and putting the cookies back on the shelf.
Over 45 percent are dining out less or keeping a close eye on menu prices, on top of 31 percent of Americans trying to avoid driving as gas prices hit an all-time high.
Gas prices have reached over $4 across all 50 states – a first in history – and some heavily populated areas, like Los Angeles, are hitting above $8.
Spending more on the basics means many are opting out of pleasure purchases, such as much-needed vacations and cutting out gym memberships.
Although many won’t miss the weight rack, the weight of inflation will bare on their beach trips, holiday weekends, and watching the newest season of Love Island.
BMO found that a staggering 80 percent of Americans are changing their financial plans to cover the essential costs of living.
The 3,400-person survey also found that women remain the more level-headed of the sexes, finding that more females are changing their spending habits compared to men.
Many Americans are changing their spending habits surrounding food. Many of opting for store brand items and keeping the cookies on the shelf and not in the cart. Americans are also opting to eat at home instead of dining out or keeping a close eye on menu prices
Gas prices are also impacting million of Americans. California is leading the nation with the highest
Almost 50 percent of women have adjusted their groceries lists, compared to only 36 percent of men. Women are also dining out less compared to their male counterparts at 49 percent to 43 percent, respectively. And 25 percent of women are cutting subscriptions compared to only 20 percent of men.
Despite dwindling bank accounts, Americans are feeling more confident about their financial health, increasing three percent since last quarter, rising from 75 to 78 percent, BMO reported.
‘More Americans [are] taking control of their personal finances, having a written financial plan, and checking in more often with their financial advisor,” the survey said.
BMO still recommends Americans ‘review and adjust’ budgets to fit the new prices of items and to ‘postpone big-ticket purchases’ to avoid financial distress.
It also recommended speaking to ‘experts’ to help make sure the adjustments are keeping people on the financial success track.