Posted on 08/14/2022 4:59:20 AM PDT by george76
More than a third of Americans have drawn on their savings accounts to handle rising prices, taking out hundreds of dollars on average, according to a recent survey by New York Life Insurance Company.
Since January, 36 percent of Americans have drawn an average of $617 from their savings to pay their bills, the company found. Nearly 90 percent of those surveyed expressed anxiety that a recession is approaching, and roughly a third reported being "uncertain" or "anxious" about their personal finances. Respondents cited monthly bills, health care costs, grocery prices, and gas prices as their areas of greatest financial concern.
Voters overwhelmingly blame President Joe Biden for the state of the economy. Sixty-four percent of Americans, including 53 percent of Democrats, believe the president’s policy decisions are to blame for soaring costs. While White House officials boasted this week about slowing inflation, prices are still up 8.5 percent from last year, with that number even higher in several key swing states.
Americans are not replenishing their savings accounts as they drain them. The personal savings rate, or the proportion of income people don’t spend or lose to taxes, more than halved between July 2021 and June 2022, falling from 10.5 percent to 5.1 percent.
To make up for tightening purse strings, Americans are increasingly turning to debt. Americans' collective credit card debt jumped to $890 billion last quarter, marking the largest yearly increase in two decades. The number of credit cards also hit an all-time high in the second quarter, with more than 500 million in circulation.
Savings??
What’s that?
Groceries are getting ridiculous. Over $4 for a dozen large eggs at my Publix.
Obama took care of our savings for us, never recovered.
But hey, he’s got some cool estates!
Conservation and substitution are but two of the strategies to counter the shrinking value of the dollar, and the relative growing disparity between household income and cash outgo. Less cash versus more expense, means that the equation has to shift, sometimes radically.
“Use it up, wear it out, make it do, do without.” Old Yankee truism.
Drain the radiator and set the Model A up on blocks for the duration.
More credit debt. Thia will not end well.
Since January, 36 percent of Americans have drawn an average
of $617 from their savings to pay their bills, the company found.
************
$617 dollars in 8 months...... What did the other 64% have
to do? Paid it out of pocket change, borrowed, street corner
hand out, etc?
Over $4 for a dozen large eggs at my Publix.
***********
Chickens gotta eat to. Chicken scratch/pellets
don’t come free.
Restaurants are starting to take it on the chin as more and more people cook beanie weinies at home to save money rather than eat out.
Most restaurant stuff has gluten and msg.
I touch very little.
I had a little but the medical misadventure at the first of the is doing a good job of keeping my bank account low and the govco takes the rest.
The surgeon recently told me before he will operate that I need to lose 40 pounds when not much was said in previous visits.
So I guess lousy economics will help.
Eggs are cheaper elsewhere. We stopped shopping at Publix a couple of years ago when they proudly donated $1 million to BLM, then jacked up their grocery prices before inflation set in with a vengeance. While Publix is the closest grocery store, will drive past it to shop other stores.
But gas prices are dropping and we had 0 inflation in July...../s
Publix does suck ... we enjoy Winn Dixie in our house ...
WHAT SAVINGS ????????
We are very fortunate to have lots of Publix alternatives. Winn Dixie, Walmart, Aldi, an Amish grocer and the newest intriguing option—Kroger delivery.
I had a savings account once, but when they started to convert to “no interest” I converted to a checking account to pay bills. I would like to put some back in savings, but there seems to be no point to it unless you have quite a large account. They are starting back into higher interest on loans, but I don’t see anything even worth the while when it comes to savings accounts. All vehicles are now higher priced & loans are higher interest rates, so what’s the point there? Dealers I have talked to can’t get new vehicles & you can’t afford their over-priced used vehicles. Biden has really screwed things up good.
Not many other options in Juno Beach. I actually love my Publix. It’s the perfect size and rarely busy. I shop elsewhere (Doris’ market) for meat, but rely on Publix BOGO’s for pantry stocking as well as making pre-portioned frozen meals like lasagna and meat loaf.
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