Higher prices still top financial concern for Americans: Fed
Higher prices are still the top financial concern for most Americans despite the moderating pace of inflation.
According to a survey by the Federal Reserve, 65% of adults said changes in the prices they paid compared with the prior year had made their financial situation worse.
Nineteen percent said price changes made their financial situation much worse.
Some groups have continued to experience financial stress at higher rates than others, especially low-income adults who are more likely to face material hardships.
Such difficulties include not paying all bills in full, sometimes or often not having enough to eat, and skipping medical care because of cost.
The report notes that 17% of adults did not pay all their bills in full in the month prior to the survey.
Other hardships include homeowners’ insurance, caring for aging or disabled adults and childcare.
Parents using paid childcare typically spent 50% to 70% as much on childcare as on housing.
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