Chronic inflation hinders millions of Americans ' ability to prepare for their financial future , according to a new study published by Allianz Life. Findings from the Allianz Life Insurance Company of North America show that U.S. households are draining their retirement savings , taking on debt and reducing the amount that they are setting aside for the future to maintain their present-day finances.
Nearly 7 in 10 respondents said they have not contributed as much to their savings due to higher prices for everyday goods, while 51% of Americans said they are racking up more credit card debt in order to pay for necessities. On top of that, nearly 42% of households reported dipping into their retirement savings because of inflation – a "worrying" sign for long-term financial stability, according to the report
Source: Loan Digest (loandigest.net)
Chronic Inflation Americans Financial Future Retirement Savings Debt Higher Prices Credit Card Debt Necessities Long-Term Financial Stability
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