A new poll from the American Psychiatric Association’s (APA) Healthy Minds Monthly found that the ongoing COVID pandemic may not be the biggest worry Americans are facing in 2022. Anxiety stemming from inflation and the increased cost of living is surging among 90 percent of the American population, especially among Hispanic adults, mothers, Millennials, and Generation Z. This disparity, admittedly, extends to our nation’s credit unions and many of its members.
With inflation reaching a 40-year-high, the poll also revealed that over half of Americans are worried about a potential loss of income. Prices for consumer goods and services are skyrocketing, and households are carrying the weight of all the financial stress due to the unaffordability of the basic necessities to keep their families afloat.
Nearly 40 percent of consumers cannot put any money at all into savings, according to analysis by American Consumer Crisis Counseling, and reported by CNBC. About 19 percent claimed they had to reduce their rate of savings.
Families are fighting their financial health battles on multiple fronts, and making difficult decisions in the process. Contribute to savings and investments, or spend their paychecks on the daily essentials for their families?
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