April 1, 2022

Inflation Concerns Deepen; Americans Share Impact on their Personal Finances in Survey from COUNTRY Financial

A survey conducted by Ipsos, a global leader in market research, in partnership with COUNTRY Financial in March 2022 found Americans’ concerns about inflation continue to grow, with nine in 10 reporting they are concerned. Importantly, six in ten say they are very concerned about inflation – up from 48% in Q4 2021. This high level of concern about inflation is held across all racial and ethnic groups and income levels. While all generations are concerned about inflation, older generations are more likely to express more intense concern about inflation than their younger counterparts, 65% of both Gen X and Baby Boomer are very concerned about inflation compared to 47% of Gen Z and 56% of Millennials.

Inflation is Impacting Americans’ Financial Goals 

About half of Americans think inflation could have a big negative impact (54%) on their ability to reach long-term financial goals such as buying a house or being able to retire comfortably; 33% expect it to have a medium or small impact. Only five percent expect inflation will have no impact on their long-term financial goals.

Consumers Notice Higher Prices and Make Plans to Cut Back

Americans are feeling the pinch; they notice higher prices on gasoline (92%), groceries (88%), eating out at restaurants or take out (76%), utilities (62%), and travel (60%). 

Although they are less likely to have purchased them in the past three months, when they do, Americans also notice higher prices in buying a new home (60%), home renovations/repair (58%), a new car (57%), home upgrades (57%), clothing/accessories (54%), rent (42%), home/auto insurance (39%), and health insurance (38%).

With economists reporting that inflation is currently increasing and likely to continue to increase throughout 2022, Americans are taking action to reduce spending and be able to pay for the things they need. About half of Americans say they will cut back on dining at a restaurant or take-out meals (46%), 30 percent say they will budget food/cut back on groceries, and about one in four Americans say they will drive less (26%) – they are twice as likely to say they will drive less compared to Q4 2021 (13%).

Other actions Americans are likely to take to reduce spending include: 

  • purchase less clothing/accessories (24%), 
  • keep current technology instead of upgrading (23%), 
  • cancel/put off travel plans (23%), or
  • put off home renovations/repairs (22%).

Consumer Tips from Chelsie Moore, CFP®, CFA, Director, Wealth Management and Financial Planning:

“Americans need to focus on what they can control in times of uncertainty. Talk with a trusted financial professional to create a plan for reaching financial goals which includes the following: 

  • An emergency fund of 3-6 months of income
  • Creating a budget that supports your goals
  • The right insurance coverage to:
  • Protect your assets
  • Replace your current income

“Work with your financial professional on executing your plan – this could include saving more, adjusting investments, re-setting goals, prioritizing goals, paying down or re-financing debt. Then, be flexible and work with your financial representative to make adjustments when the unexpected happens.”


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COUNTRY Financial® is a family of affiliated companies (collectively, COUNTRY) located in Bloomington, IL. Learn more about who we are.

About the COUNTRY Financial Security Index®  

Since 2007, the COUNTRY Financial Security Index has measured Americans' sentiments of their personal financial security. The Index also delves deeper into individual personal finance topics to better inform Americans about the issues impacting their finances.  

The COUNTRY Financial Security Index was created by COUNTRY Financial and is compiled by Ipsos an independent research firm. Surveys were conducted using Ipsos' KnowledgePanel®, a national, probability-based panel designed to be representative of the general population and includes responses from approximately 1,330 U.S. adults for national surveys. The margin of sampling error for a survey based on this many interviews is approximately +/- 3.2 percentage points at the 95% confidence level.  

About COUNTRY Financial®     

The COUNTRY Financial® group (www.countryfinancial.com) serves about one million households and businesses throughout the United States. It offers a wide range of financial products and services from auto, home, business and life insurance to retirement planning services, investment management and annuities.  

Visit COUNTRY Financial on Twitter @HelloCountry, on Facebook @COUNTRYFinancial and on Instagram @countryfinancial.  

About Ipsos      

Ipsos is the world's third largest market research company, present in 90 markets and employing more than 18,000 people.

Our passionately curious research professionals, analysts and scientists have built unique multi-specialist capabilities that provide true understanding and powerful insights into the actions, opinions and motivations of citizens, consumers, patients, customers or employees. We serve more than 5000 clients across the world with 75 business solutions.

Founded in France in 1975, Ipsos is listed on the Euronext Paris since July 1st, 1999. The company is part of the SBF 120 and the Mid-60 index and is eligible for the Deferred Settlement Service (SRD).