You probably know someone who has been forced to sacrifice on essentials because of the inflation of the Biden era. They may not have told you, but 40% of American households have received food or goods from a food bank. And 18% of Americans have been forced to skip meals or grocery purchases because of inflation. Medical procedures, checkups, medications, and mental health services have all also been sacrificed to save money because of inflation. The Nationwide Retirement Institute found in a recent survey:
To combat high inflation, Americans have made difficult tradeoffs that negatively impact their health and wellbeing, finds a new Nationwide Retirement Institute® survey. Over the last 12 months, nearly two in five American households (40%) received food or goods from a food bank (22% for Millennials), and the same amount (17%) stopped buying healthier foods (organic or high-priced healthy foods).
Nearly one in five Americans (18%) say they skipped meals or didn’t buy groceries due to high inflation (including 28% of Gen Z and 23% of millennials). As food insecurity deepens, Americans are also struggling to pay for critical health care expenses. Many have cancelled or postponed plans in the past 12 months to see a specialist (14%), take a prescribed medication (10%) or get an annual physical (11%) due to high inflation. Almost one-fifth of Gen Z (17%) and Millennials (19%) have cancelled or postponed plans in the past 12 months to see a mental health professional.
“As the price of health care and basic necessities continue to reach record highs, Americans have been forced to make tough decisions that sacrifice their health and wellbeing,” said Kristi Rodriguez, senior vice president of the Nationwide Retirement Institute. “While these decisions are understandable and challenging, making short-term tradeoffs may have long-term impacts. Neglecting your health now can lead to far bigger costs as you age and approach retirement. This is such a critical time to consult with a financial professional to create a plan that prioritizes your health care needs now and in retirement.”
As Americans brace for even bigger expenses in the future, the survey finds that one in ten (10%) have decreased their retirement plan contributions in the past year to pay for health care expenses because of high inflation. Another 14% of adults are considering decreasing their contributions this year, and this number is higher for Gen Z and Millennials at 21% and 20%, respectively.
To find additional savings, 14% of Americans say they are considering downgrading their health insurance plan because of high inflation, which rises to 23% and 20% for Gen Z and Millennials, respectively.
Action Line: Americans shouldn’t have to choose between food, fuel, or prescriptions. Unfortunately, they’re facing some of the hardest times many of them can remember. If you want to survive this inflation and see your family and business thrive in the future, click here to subscribe to my free monthly Survive & Thrive letter, and I’ll push you to achieve your dreams.
E.J. Smith - Your Survival Guy
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