Americans' finances are being squeezed as inflation pushes up prices on things such as rent, groceries, and gasoline.
In addition to grappling with higher prices on nearly all goods and services, Americans are facing a volatile stock market that may have also contributed to shifting retirement timelines."It's difficult to save, and these times are making it even more difficult," said Dilda.The good news is that people are actively making changes to their budgets to combat rising prices.
This includes changing how they shop for groceries, what subscriptions they pay for each month and even how they vacation for the time being, the survey found. Americans are also planning more than they were before inflation spiked, according to the report. This quarter, more Americans are setting yearly budgets, writing down a financial plan to follow and meeting with their financial advisors monthly.
"We're seeing a lot of people taking those actions so that they can continue to enjoy the life they want and at the same time be able to save or manage their budget accordingly," said Dilda. There's also been an uptick in people looking to professional investment advice. In the latest survey, 55% said their bankers were crucial to helping them meet their financial goals, an increase of 5 percentage points from the previous quarter, and 52% said the same of their financial advisors, a jump of 6 percentage points.Money 101 is an 8-week learning course to financial freedom, delivered weekly to your inbox. For the Spanish version, Dinero 101, click here.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Putin ‘given three years to live’ and ‘is losing eyesight due to illness’ spy claimsPutin’s limbs are ‘shaking uncontrollably’ according to Russian spy, following recent footage of the president gripping table
Read more »
Marine mammals in UK at risk due to inconsistent assessments, research findsResearch from Heriot-Watt University experts assessed how differing approaches to environmental assessments impact Britain’s whales and dolphins.
Read more »
Six million homes could face winter power cuts due to energy shortages - reportUnder plans drawn up by government, electricity could have to be rationed for up to six million homes at the start of next year, mostly at peaks in the morning and evening.
Read more »
Nurse sacked for taking too many sick days due to migraines wins caseA dismissal letter suggested bosses at the University Hospitals of Leicester NHS Trust didn't believe Caroline McKenzie's absences were due to migraines and 'sinusitis' symptoms.
Read more »
Shanghai starts to dismantle fences as Covid lockdown due to endPainful two-month lockdown is scheduled to be lifted for 22.5 million people at midnight
Read more »
Lottery could be suspended for first time in 28 year history due to ownership rowOperator Camelot due to hand over lottery licence in February 2024
Read more »