Posted on 10/04/2022 5:02:15 PM PDT by george76
Nearly three out of four Americans are becoming more concerned about rising prices, according to a new poll.
BMO Financial Group released survey data on the economy and inflation that showed that 74% of Americans say they are becoming increasingly worried about rising costs due to inflation.
“More than 70% feel their financial momentum is threatened by higher grocery bills (78%) and the rising cost of gas (76%),” the group said. “In order to prepare for a potential recession, 76% of Americans said they are making lifestyle changes such as delaying large purchases on a house or car, paying down debt, and cutting back on holiday spending.”
The poll, conducted with Ipsos, also found that “significantly fewer U.S. consumers feel confident about their financial situation compared to last quarter.”
That concern varies by age group.
“Older Americans report feeling more concerned than younger generations,” BMO said. “Between ages 55-64, 82% said their concerns about inflation have increased over the last three months, compared to 62% of those between ages 18-24 and 70% of those aged 25-34.”
The survey comes as the latest federal inflation data shows prices have continued to rise on a range of goods and service. The overall inflation rate has dipped in the past several weeks, but that is in part due to a decrease from record-high gas prices in June. After dipping for a couple of months, gas prices are now on the rise again.
Americans are also concerned about the impact of a recession.
“Nearly 8 in 10 Americans (76%) said they plan to adjust their lifestyles in response to recession concerns,” the survey said, with 34% “delaying major purchases, like buying a new home or car,” as well as 28% cutting down holiday spending, and 24% putting more money in savings.
“Americans who report being ‘more’ financially secure decreased to 39% from 50% a year ago and 47% last quarter,” BMO said.
“Americans who said they feel ‘less’ financially secure, rose to 27% from 16% in the same quarter a year ago. The number of Americans who said they are making financial progress decreased to 54% from 62% a year ago. More than 40% of Americans under age 35 do not have enough savings to cover an emergency.”
The survey queried 3,402 American adults from July 27 to Aug. 29.
“Becoming”??
24 pack of mic-ultra at publix today $31 and change not inclined taxes. Passed. Got the 18 pack for 19 and change. Let’s go Brandon
The rest live off of EBT cards.
“...76% of Americans said they are making lifestyle changes such as delaying large purchases on a house or car, paying down debt, and cutting back on holiday spending.”
Good. You should do this in good times or bad.
Welcome to the party, folks. Better late than never.
The other 26% don’t eat.
As usual, it took them a few months to figure it out. I guess the price of tattoo ink and weed has gone up.
A huge chunk of them were already concerned, genius reporter.
26% are on the government teat.
The 26% are the bonzos who are worried to death about the polar bears, penguins and refreegees in this country. Real sickos.
WaPo and NY Times will show up shortly to explain how inflation is a good thing and tell us what a great job Brandon is doing with the economy.
120% are concerned about inflation!
I added 20% due to inflation.
But but but Politico says the Democrat/communists are +3 in the generic poll. Oh HOW could that be? Could someone be lying?
But but but Politico says the Democrat/communists are +3 in the generic poll. Oh HOW could that be? Could someone be lying?
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