FinMasters Survey: 30% of Respondents Earning Over $150,000 Worked More Hours To Avoid Falling Deeper in Debt as Inflation Continues to Rise

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FinMasters

Nov 29, 2022, 10:00 ET

88% of respondents report a significant impact of inflation on household budgets, and over half have taken on additional debt

NEW YORK, Nov. 29, 2022 /PRNewswire/ -- The report on the impact of inflation on American individuals and households, based on a recent survey of 1549 American respondents commissioned by FinMasters, shows that inflation has forced individuals of all genders, ages, and income groups to alter their work and spending habits.

Key findings:

  • The restaurant business is likely to take a hit: over 65% of respondents are cutting back on eating out.
  • 30% of respondents reported working more hours to keep up, and 28.86% have sold personal items to make money.
  • 53.78% have taken on additional debt, with 27.89% putting more money on their credit cards.
  • Even high-income respondents reported significant changes to spending, borrowing, and investing habits.

The impact of inflation on the American budget is substantial, especially for individuals earning under $50,000/year, with 54.87% of this group reporting a "high" and "very high" impact. 

Even those earning over $150,000 a year were affected. 30.07% of this group worked more hours, 33.33% sold personal items to make money, and 22.88% delayed paying debt.

Most of the surveyed individuals reported cutting expenses, with over 65% reducing spending on dining out. Apparel (48.35%), Groceries (44.87%), and Travel/Vacations (44.74%) were close behind. Gas (33.44%) and savings (34.8%) were one tier down.

These findings and more can be found in Finmasters' report on the impact of inflation on American individuals and households.

About the survey

The survey was conducted in October 2022, via SurveyMonkey, with 1,549 participants from across the USA. Respondents represent a national sample balanced by 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 platform 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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