As inflation accelerates and robs workers of their paychecks, a national survey reveals how American families are adjusting their spending habits to make ends meet.
As reported by The Hill:
“Some respondents polled in the survey revealed they have had to make much more substantial cutbacks as they feel the financial pinch, saying they have had to skip meals, conserve water, and eliminate meat from their diets.
“Close to half, 46 percent, said they are using credit cards more or ‘much more’ frequently on routine purchases compared to 2021.”
The survey included responses from 600 adults and found:
A majority of working families struggle to afford common household goods.
- At least 53 percent of Americans report spending $101-$500 more per month on groceries.
- More than 10 percent of Americans have cut back on all non-essential purchases.
- Among the goods with price hikes that have hurt the most, “gasoline, groceries, and clothing were among the most frequently mentioned items.”
Drivers brace for pain at the pump.
- Gas prices have more than doubled since President Biden took office, with a third of drivers now spending between $101-$250 more per month on gas.
- At least 13.5 percent of respondents report spending between $250-$500 more per month.
- As a result, respondents report “either reducing or eliminating unnecessary travel by canceling annual vacations, visiting family less frequently, or combining necessary outings like grocery shopping and doctor’s appointments into one trip.”
Personal savings take a hit as more Americans turn to credit cards.
- Nearly half of Americans report using credit cards “slightly more or much more frequently” on common household items compared to last year.
- Roughly 41 percent of Americans are contributing less to their savings, with 38 percent reporting they have less than $1000 in savings.
- This comes after another report found that accelerating inflation has wiped out 26 million low-income households’ savings.
CLICK HERE to view the poll.