- With inflation hitting a 40-year high in June, Americans are struggling to keep up with rising prices and putting less money aside for emergencies or long-term financial goals, several studies show.
- Americans’ overall satisfaction with their financial condition now stands at a 12-month low, and 43% of consumers expect to add to their debt in the second half of the year.
Higher prices have taken a toll.
In an economy that has produced the highest inflation rate since 1981, Americans are struggling to keep up with expenses and are putting less money aside for emergencies or long-term financial goals, several recent studies show.
Nearly 40% of consumers cannot put any money at all into savings, according to a recent analysis of household financial health and readiness by the American Consumer Credit Counseling, while about 19% said they had to reduce their savings rate.