The recent inflation news is a gut punch for many Americans. Food, housing, utilities, healthcare, and transportation costs are soaring. February’s inflation rates were 7.9% and August reached 8.3% according to the US Department of Labor. A BMO Real Financial Progress Index survey report indicating that one-quarter of the respondents are delaying retirement due to inflation worries. This report outlines the behaviors respondents use to combat the impact of inflation.
- 80% of Americans surveyed plan to change their actions to offset the impact of inflation and rising costs of everyday essentials
- 42% are changing how they shop for groceries. This includes opting for cheaper items, avoiding brand names, and buying only the essentials
- 46% are either dining out less or consciously spending less when dining out
- 31% are driving less to offset the soaring cost of gas
- 23% are spending less on vacations or canceling them altogether
- 22% are taking measures such as canceling subscriptions to the gym, cable, etc.