FinMasters: 95% of Americans Say They Are Worried About Inflation

News provided by

FinMasters

Jul 19, 2022, 10:00 ET

16% of Americans have responded by starting a second job or taking on gig work to keep up with the rising prices

NEW YORK , July 19, 2022 /PRNewswire/ -- Inflation has become the dominant economic trend of 2022, rising prices have had a significant impact on American consumers. Many Americans have never experienced severe inflation before. This price surge follows almost 30 years of relatively low inflation, with the last serious spike coming in 1980. That has left many consumers struggling to cope with a new and unfamiliar reality.

FinMasters surveyed more than 500 American consumers to see how they're feeling and what they are doing to keep up with the rising prices.

Full report: What Are Americans Doing to Cope With Inflation?

Key Findings

  • 95.7% of Americans, regardless of their income level, say they are worried about rising prices and are doing something in response.
  • The rising prices of gas, food, utilities, and housing have had the most significant impact on people's finances.
  • The most widespread financial choices made as the result of rising prices are delaying buying a car, canceling vacations, and postponing paying down debt.
  • Over 15% of Americans already had to borrow or take on credit to cover expenses.
  • 50% of people of all genders, ages, and income groups are cutting back on dining out and driving less than usual.
  • 16% of people say that they had to get a second job or take on a gig in order to keep up with the prices.

About the survey

The survey responses were collected from May 19 to May 20, 2022, via SurveyMonkey, with a total of 578 participants from across the USA. Respondents represent a national sample balanced by census data of age, gender, income level, and region. The survey had a margin of error +/- 4.159% with a 95% confidence level.

About FinMasters.com

FinMasters, a Vertigo Studio brand, is a personal finance website dedicated to financial education and in-depth research of financial products and services. For more information please visit www.finmasters.com.

SOURCE FinMasters

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