‘Prices will not come back down’: Americans dip into their savings to cope with record-high inflation
Americans accumulated extra savings during the pandemic, but that money is fast dwindling because of inflation.
Some 70% of Americans are using their savings to cover rising prices, a recent Forbes Advisor survey of 2,000 U.S. adults concluded. Among those polled, older adults were more likely to say they have left their savings intact. “Ideally, you want to set aside enough emergency cash to cover at least six months of living expenses. For small business owners or those employed in highly volatile industries and sectors, a 12-month cushion may be more advisable,” the company added.
That slump in savings and rise in spending comes at a time when the drum beat of recession grows louder. Case in point: Nearly 70% of 49 respondents expect the National Bureau of Economic Research to declare a recession next year, according to the FT survey published Sunday; the survey was conducted with the Initiative on Global Markets at the University of Chicago Booth’s School of Business.
The increase in the cost of living is making Americans nervous. Inflation rose 8.6% on the year through May, the highest since 1981. A survey of U.S. consumer confidence fell in May to a three-month low of 106.4. That’s one of many surveys pointing to a pessimistic outlook by people both for their own finances and the U.S. economy.
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