‘The Great Uncertainty’: Inflation Forces Consumers to Change Buying Habits
Inflation continues to be the chief concern for U.S. consumers, and most Americans are taking action to manage their balance sheets, a new report from McKinsey found.
According to “The Great Uncertainty” report, 65 percent identify rising prices as their biggest worry, and 66 percent noted that they have taken steps to address growing expenses.
Researchers revealed that 44 percent have either reduced savings or dipped into their rainy-day fund to cover expenses. Nearly one-fifth (18 percent) have either taken on more credit card debt or paid the minimum balance due on their bill. Thirteen percent took on another job or worked more hours to keep up with the cost of living….