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
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Record Number of Americans Using 'Buy Now, Pay Later' Apps Amid Inflation SurgeA record number of Americans have been using “buy now, pay later” apps amid the surging inflation seen in Biden’s economy. Around 6.5 percent of Americans, roughly 15 million, have been using BPNL apps to pay for groceries since last year. Of those using the apps, around 5.4% were low-income Americans. BPNL loans are short-term loans with fixed payments at little to no interest. Many Americans have begun using BPNL loans for various items. Inflation has been trending upward for the past three months.
Source: BreitbartNews - 🏆 610. / 51 Read more »
Americans are draining their retirement accounts, racking up debt due to high inflationThe inflation crisis is forcing a growling number of Americans to rack up credit card debt and tap their retirement savings, according to a new study.
Source: FoxBusiness - 🏆 458. / 53 Read more »
Americans have $1.3T in credit card debt; inflation-adjusted record 'in striking distance'Americans have already set one record for credit card debt and are marching swiftly towards another, according to a new report from WalletHub.
Source: wsyx6 - 🏆 444. / 53 Read more »