Inflation is a real worry for many Americans — even those who earn six figures — and it’s impacting decisions about how they spend their money.
Fully 96% of those high earners are concerned about inflation and 65% are “very concerned,” according to a Morning Consult/CNBC poll, which last week surveyed 1,000 U.S. adults with an income of at least $100,000 a year.
Some 34% said they are worse off financially this year than a year ago and 46% have had to cut household spending due to inflation, the survey found. If inflation gets worse, 38% plan to cut spending.
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“It’s definitely a wakeup call,” said certified financial planner Shelly-Ann Eweka, a senior director at TIAA.
“They fear what it’s going to do for them in their future and how are we going to be able to manage our lifestyles if this is what costs are right now.”
Consumers have been paying higher prices on everything, including gas, food and shelter, over the past year, and it is costing households hundreds of dollars more a month. In May, the Consumer Price Index, which measures prices on consumer goods, jumped 8.6% year over year — the highest increase since 1981. The latest report is set to be released on Wednesday.
