Millions of Americans are delaying retirement as inflation continues to rise and President Joe Biden takes the brunt.
A new survey, conducted by METshows that 25 percent of Americans are considering retiring as the U.S. faces seemingly runaway inflation that devalues savings accounts.
A separate poll from the Trafalgar Group† conducted from May 25 to May 29, shows that: about 60 percent blame Biden for the rising costs, while just over 31 percent blame the Russian invasion of Ukraine.
That’s bad news for the White House, of course, but worse, the economic pain appears to be rife.
Remarkableinflation has not only hurt older citizens, it has struck those of 18-34 particularly difficult.
‘Younger Americans feel the most impact — more than 60 percent of 18-year-olds [to] 34 said they should reduce contributions to their savings,” the survey said.
Six in 10 Americans said inflation has affected their finances, according to a survey conducted by BMO. Twenty-five percent said it had a ‘big impact’, pushing millions into retirement
Nearly 60 percent of Americans blame President Joe Biden, 79, (pictured in May) for rising inflation costs
Biden continues to bear the brunt of the blame, while 31 percent blame Russia’s invasion of Ukraine
Americans have been dealing with high inflation rates for months, and many blame the president for the rising costs.
Speaking to the White House on Wednesday, Biden said: “There’s a lot going on right now, but the idea that we can click a button and cut gas costs isn’t likely any time soon. Not even when it comes to food.’
The current national inflation rate is 8.3 percent and the general spending pattern has changed dramatically across all age groups.
Forty-two percent of Americans keep their wallets close to their chests at grocery store checkouts and at the dinner table, as many choose to buy cheaper branded items and put the cookies back on the shelf.
More than 45 percent are cutting back on dining out or closely monitoring menu prices, on top of 31 percent of Americans trying to avoid driving as gasoline prices hit record highs.
Gas prices have hit more than $4 in all 50 states — a first in history — and some densely populated areas, such as Los Angeles, are hitting more than $8.
Spending more on the basics means many forego pleasure purchases like much-needed vacations and canceling gym memberships.
While many won’t miss the weight rack, the weight of inflation will be carried on their beach trips, vacation weekends, and watching Love Island’s latest season.
BMO found that as many as 80 percent of Americans change their financial plans to cover essential living expenses.
The survey of 3,400 individuals also found that women remain the more sober of the sexes, and found that more women change their spending habits compared to men.
Many Americans are changing their food spending habits. Many opt for store brand items and keep the cookies on the shelf and not in the shopping cart. Americans are also choosing to eat at home rather than eating out or keeping a close eye on menu prices
Gas prices also affect millions of Americans. California leads the country with the highest
Nearly 50 percent of women have adjusted their shopping list, compared to just 36 percent of men. Women also eat out less compared to their male counterparts, 49 to 43 percent, respectively. And 25 percent of women are cutting subscriptions compared to just 20 percent of men.
Despite dwindling bank accounts, Americans are more confident in their financial health, up three percent from last quarter, from 75 to 78 percent, BMO reported.
‘More Americans’ [are] take control of their personal finances, have a written financial plan, and contact their financial advisor more often,” the study said.
BMO still recommends Americans review and adjust budgets to reflect new item prices and delay major purchases to avoid financial hardship.
It also recommended talking to “experts” to make sure the adjustments keep people on the financial success track.