Americans’ finances are being squeezed as inflation pushes up prices on things such as rent, groceries and gasoline.
BMO Real Financial Progress IndexPutting off retirement plans is mostly due to disrupted savings from increased prices, the survey found. Thirty-six percent of survey respondents have reduced their savings and 21% are putting away less for retirement in order to keep up with growing costs, according to the survey.
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.
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.
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