POWER ECONOMICS
Many Americans Aren’t Optimistic About Their Finances Here are some reasons
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B ankrate survey last year revealed that about two-thirds of Americans were pessimistic about their finances improving during this year. More than half of the respondents blamed inflation as a major factor affecting their finances and rightfully so. In fact, prices are rising so fast that many people are getting concerned about their financial futures.
To break it down for you, energy costs have risen 33.3% and shelter as outlined in the CPI has risen 3.8% which is the highest since 2007. In the meantime, food prices have risen 6.1%. Factoring all these increases, if you keep a budget, it will be disrupted quite significantly. If you have a mortgage or maybe pay any sort of debt or just trying to save, the rise in prices will be a much obstacle to your progress.
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Inflation began last year in November surging 6.8% from a year ago. It should be noted that this is the fastest prices have risen since 1982 according to the Department of Labor. This
year, it looks as if people will be paying more for everything from food, health care costs to the gas they use for their everyday commute.
12 | FEBRUARY 2022
