The cost of everything in the country is skyrocketing. Not surprisingly, this is affecting how Americans are spending their money. According to a survey from BMO, “Nearly half (42%) of surveyed adults are changing how they shop for groceries, including “opting for cheaper items, avoiding brand names and buying only the essentials.”
31% of people are driving less, 23% are avoiding vacations or canceling them, and 22% are canceling gym memberships, cable, and other non-necessities.
The price increases are at the highest levels since the 1980s. 49% of women, compared to 43% of men said they will dine out less. This could prove deadly for restaurants that are already struggling following pandemic lockdowns.
“Paul Dilda, head of consumer strategy for BMO Harris Bank, said in a press release, “Seek advice from a financial expert on ways to successfully manage your personal finances, from learning ways to save and which types of accounts to use, to moving from knowing what you should do with your money, to actually doing it. By learning about what do to differently, and what not to change, during a period of inflation, consumers can maintain momentum toward their financial goals.”