
Inflation having widespread impact on financial planning
Life Stage Insights
Life Stage Insights

A quarter report they are delaying retirement due to inflation
Inflation is having widespread impact on Americans’ financial planning, according to a new survey by BMO Harris Bank. Over a third (36%) have reduced their savings and 21% have reduced their retirement savings. A quarter of Americans will need to delay their retirement.
But the impact on younger Americans has been even more sever. Over 60% of those aged 18-34 said they had to reduce contributions to their savings.
In addition, inflation has begun to alter spending as Americans’ struggle to keep their finances stable amidst higher prices.
42% are changing how they shop for groceries. This includes opting for cheaper items, avoiding brand names and buying only the essentials.
46% are either dining out less or consciously spending less when dining out.
31% are driving less to offset the soaring cost of gas.
23% are spending less on vacations or canceling them altogether.
22% are taking measures such as canceling subscriptions to the gym, cable, etc.
Women are more likely to make lifestyle changes than men. Nearly half of women plan to adjust the way they shop for groceries (47% vs. 36% men), dine out less (49% vs. 43% for men), and 25% of women plan to cancel subscriptions vs. 20% of men.

Content Title
Subtitle
Source

Content Title
Subtitle
Source

Content Title
Subtitle
Source

Content Title
Subtitle
Source

Content Title
Subtitle
Source

Content Title
Subtitle
Source

Content Title
Subtitle
Source

Content Title
Subtitle
Source

I would like to learn more about...
How to prepare for inflation
How to prepare for retirement
Other financial planning topics
Thank you. Your inquiry has been sent.
Please enter your contact information

What is My Life Stage?
Explore your life stages and events to help uncover your financial planning needs.
About us
Life Stage Insights is the turnkey lead generation, relationship-building, client discovery, and wow factor solution for financial advisors. Learn more at www.lifestageinsights.com
references
Disclosures
This publication is designed to provide general information and is for discussion purposes only. The effectiveness of any strategy is dependent upon each individual’s facts and circumstances. This article does not provide legal, tax or account advice. Because of the possibility of human or mechanical error, the accuracy, adequacy, completeness or availability of any information is not guaranteed.