Most Americans are worried about their savings due to inflation

The latest opinion poll conducted in the United States showed that most Americans are worried about their money and savings due to high inflation rates that erode money’s purchasing power.

A survey conducted by the site web “Rit Bank” concluded that high inflation worried 58 percent of people about their financial savings, according to the US network “CNBC” in a report, which was seen by “Al Arabiya Net”.

The survey found that the percentage of people worried or uncomfortable about the money they save is now 58%, up from 44% two years ago.

Meanwhile, people who say they are comfortable with their emergency savings are now 42%, in down from 54% two years ago.

However, there are indications that people may have more money devoted to saving now than in years past.

The survey found that 23% of respondents do not have any emergency savings, in down from 25% last year, and this is among the lowest levels in 12 years of the specialized site survey.

Meanwhile, 27% of households have sufficient emergency savings to cover six months or more of expenses, up from 25% in the past two years and the highest level since 2018.

“Although there are more savings, the comfort level is in drop, “said Greg McBride, chief financial analyst at Rhett Bank.

“Inflation reaching the highest level in four decades will erode your comfort level into the purchasing power of your emergency savings, “he added.

The survey was conducted online and by telephone from June 3 to June 5 and involved 1,025 respondents.

The survey suggested that another reason people may feel less secure with their emergency funds is that they may have less than last year.

About 34% of respondents had less emergency savings than a year ago, while less than 24% of people said they had more.

“With inflation so high, this is an indication that savings in excess is drawn on in one moment in that inflation is outpacing wage gains, “McBride said.

“It’s best to cut your savings before you see them, and then plan what’s left,” added McBride.

“It’s really hard to get to the other side in this environment because costs are rising very rapidly, “he added.

Of course, it can be difficult to find extra money to save when prices are higher everywhere.

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