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Tags: inflation | retirement | spending | budget | gas

Inflation Dashes Retirement Hopes for 25% of Americans

older worker
(Dreamstime)

By    |   Wednesday, 01 June 2022 02:32 PM EDT

Twenty-five percent of Americans are delaying their retirement or returning to work. Sixty percent say inflation has put a dent in their personal finances, with one in four saying inflation has hurt their pocketbook in a major way.

This is according to the quarterly BMO Real Financial Progress Index, conducted by BMO and Ipsos.

Inflation is having a wide and profound impact on Americans' finances. Forty-two percent are changing how they shop for groceries by looking for cheaper items, avoiding brand names and skipping non-essentials.

Forty-six percent are not dining out as often or making it a point to spend less, and 31% have cut back on their driving to save on gas. Nearly one-quarter, 23%, are either not going on vacation or spending less when they do go away.

Twenty-two percent are canceling subscriptions to the gym, cable and other memberships. Sixty percent of those between the ages of 18 and 34 are saving less.

"Prices across the board — from cars and gasoline, to groceries and other everyday essentials — are rising at the fastest pace since the 1980s," says Paul Dida, head of consumer strategy at BMO Harris Bank. "Consumers must think differently about their finances in this inflationary environment."

Some of the tips BMO suggests for those trying to allay inflation are to postpone big-ticket items, review your budget and to reassess subscriptions.

© 2022 Newsmax Finance. All rights reserved.


StreetTalk
Twenty-five percent of Americans are delaying their retirement or returning to work. Sixty percent say inflation has put a dent in their personal finances, with one in four saying inflation has hurt their pocketbook in a major way.
inflation, retirement, spending, budget, gas
226
2022-32-01
Wednesday, 01 June 2022 02:32 PM
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