As prices rise for everything from food to new cars, Americans are taking note. In fact, recent surveys have found that inflation is now tied with COVID-19 as our single biggest worry.
But rather than just accepting higher costs, many consumers plan to fight back. In doing so, these folks intend to trim spending in a few key areas, according to a new Country Financial survey of more than 1,000 adults.
Here are the percentages of Americans who say they will take the following steps in hopes of saving a buck or two:
- Cut back on dining at a restaurant or take-out meals: 48%
- Keep their current technology instead of upgrading: 30%
- Budget food: 29%
- Purchase less clothing: 29%
- Put off home renovations: 23%
- Cancel/put off travel plans: 20%
- Drive less: 13%
The survey found that large percentages of Americans have noticed rising prices over the past three months. Overwhelming majorities report seeing higher prices for gasoline or travel (86%) and groceries (80%).
They also report rising prices for eating out at restaurants or take out (67%) and utilities (51%). Smaller — but still substantial — numbers have noticed a rise in the price of:
- Home renovations/repair: 48%
- Home upgrades: 47%
- Clothing/accessories: 46%
- New homes: 42%
- New cars: 40%
- Home/auto insurance: 32%
- Rent: 29%
As Money Talks News founder Stacy Johnson has noted, inflation hits everyone — but some people feel the pain even more than others;
“If things keep going up and your salary doesn’t, inflation translates into a lower standard of living. That’s tough enough when you’re working and have the potential to make more money. When it gets truly frightening is when you’re retired, because then you no longer have the ability to keep up with rising prices.”
Want expert tips on keeping rising prices at bay? Stacy has them in “Inflation Is Surging: Here Are 8 Ways to Beat It.”
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