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A survey by a leading New Jersey-based bank has revealed that more than 8 of 10 Americans are being hit hard enough by inflation under Joe Biden’s Washington regime to make changes to their spending.
The results come from Provident Bank, which surveyed more than 600 adults over the age of 18.
It confirmed, “More than 10% (10.5%) reported eliminating all non-essential purchases and more than 70% (71.67%) said they have made at least some changes to personal travel habits.”
The survey continued, “While some consumers have cut back on some non-essential spending, like dining out and unnecessary travel, others reported much more drastic changes such as skipping meals, conserving water, and eliminating meat from their diets. People are feeling an immense amount of financial pressure right now. Unfortunately, this is not surprising after the Labor Department reported earlier this month that the United States Consumer Price Index (CPI) hit a 40-year high in May.”
Consumers said they were hit by the costs of gasoline, which has exploded under Biden’s economic policies to more than $5 a gallon in many locations, groceries and clothes.
“More than 50% (53.33%) said they now spend between $101-$500 more per month on groceries,” the survey said.
Thirty-two percent of drivers are also now spending between $101-$250 more per month on gasoline. Another 13.5% said their costs were up $251-$500.
Consumers also cited the higher costs, under Biden’s presidency, of baby products, meat, utilities, household goods, milk, and alcohol.
“As bankers, it’s important that we uncover these financial pain points for consumers as it relates to inflation,” said Anthony Labozzetta, CEO of the company. “Similar to the pandemic, it’s a time for financial institutions to step up and work with their customers on how best to help them navigate through these challenging times.”
His bank revealed, “When asked what adjustments they have made to travel plans and driving habits due to the rising cost of gasoline, many reported either reducing or eliminating unnecessary travel by cancelling annual vacations, visiting family less frequently, or combining necessary outings like grocery shopping and doctor’s appointments into one trip. Common themes among the responses included ditching their vehicles in favor of walking or riding bikes, increasing their use of public transportation, and trading in older vehicles for more fuel-efficient ones.”
Nearly half say they are using credit cards more, and 41% are contributing less to savings.
Many reported having $1,000 or less in personal savings.
They also report, to make ends meet, they are taking on extra jobs, avoiding travel to expensive regions, video conference rather than visiting family in person, and more.
A report at Just the News noted the 83% who have “cut back on personal spending due to inflation.”
Nearly one in four have reported making “drastic changes” in their spending, the report said.
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This article was originally published by the WND News Center.