{"id":19114,"date":"2022-10-27T12:37:17","date_gmt":"2022-10-27T18:37:17","guid":{"rendered":"https:\/\/www.lexingtonlaw.com\/blog\/?p=19114"},"modified":"2024-05-06T14:16:36","modified_gmt":"2024-05-06T20:16:36","slug":"inflation-survey","status":"publish","type":"post","link":"https:\/\/www.lexingtonlaw.com\/blog\/news\/inflation-survey.html","title":{"rendered":"Survey: 79% of Americans worried about inflation"},"content":{"rendered":"\n
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The information provided on this website does not, and is not intended to, act as legal, financial or credit advice.<\/em> See Lexington Law\u2019s editorial disclosure for more information.<\/em><\/a><\/p>\n\n\n\n

Almost as soon as Americans learned to deal with COVID-19, new stress slammed into their lives: inflation worries.<\/p>\n\n\n\n

A flood of COVID-19 government incentives, supply chain issues and the war between Ukraine and Russia pushed inflation to levels Americans haven\u2019t seen since the 1970s. In August 2022, the Consumer Price Index reported that, while inflation had slowed down slightly due to lowering gasoline prices, the inflation rate was still 8.5%<\/a> above July 2021, the most significant 12-month increase since May 1979. For instance, groceries are now 13.5% higher than in July 2021.<\/p>\n\n\n\n

Lexington Law Firm surveyed 1,000 people between the ages of 18 and 99 about their views and opinions on the current situation regarding inflation. Here\u2019s a breakdown of some of the results.<\/p>\n\n\n\n

1. 79% of Americans are panicked about inflation<\/h2>\n\n\n\n

The study found that most Americans are distraught about the current situation. Seventy-nine percent said they were panicked about inflation. That 79% breaks down into 40% who said they were \u201csomewhat worried about inflation\u201d and 39% who said they were \u201cvery worried.\u201d<\/p>\n\n\n\n

The difference can be explained by the two groups\u2019 age and financial situation. The \u201csomewhat worried\u201d group is composed mainly of younger people less concerned about inflation and those who find themselves more financially secure. Those who are \u201cvery worried\u201d tend to belong to groups that were less financially secure or have a lower income. While all Americans have been hit hard by inflation, this second group bears a much more significant burden. For instance, inflation hits seniors on a fixed income much harder than many other groups.<\/p>\n\n\n\n

For all groups, inflation worries impact important factors like savings accounts, saving for college, making necessary home improvements and caring for elderly parents. Families can only stretch dollars so far when dealing with pressing expenses.<\/p>\n\n\n\n

2. 1 in 5 Americans has experienced physical and\/or mental health challenges because of inflation stress<\/h2>\n\n\n\n

Worrying about money can be one of the major stresses in a person\u2019s life. The survey found that 21% of respondents said inflation \u201churt my health,\u201d while 20% said they were more \u201cshort-tempered,\u201d which can lead to mental strain and problems with friends and family members. A separate survey conducted in March 2022<\/a> by the American Psychological Association found that 87% of those surveyed said inflation worries about everyday items like food, gas prices and energy bills created the most stress. Respondents also cited factors like supply chain issues and the war in Ukraine as other sources of stress.<\/p>\n\n\n\n

Inflation worries can cause numerous health problems<\/a>, including:<\/p>\n\n\n\n