April 1, 2022
As inflation continues to rise, Americans are taking steps to cut back on spending. Nearly one-quarter (23%) of Americans said in the latest COUNTRY Financial Security Index survey that they plan to cancel or put off travel plans.
Inflation concerns have deepened so far in 2022, with 9 in 10 Americans stating they are concerned about inflation, and six in ten stating they are very concerned – up from 48% in 2021. Half of Americans say that traveling or taking a big trip is a difficult financial goal to reach in today’s world, and six in ten have noticed higher prices for travel.
“Summer travel plans will be tough for many Americans this summer,” said Chelsie Moore, CFP®, CFA, Director, Wealth Management and Financial Planning at COUNTRY Financial. “According to COUNTRY Financial’s latest survey, Americans are feeling less financially secure than they did in Q4 of 2021.
“For two years many Americans were unemployed or underemployed. Although recent data is positive – unemployment is low and the rise on the labor force participation rate for prime-age workers (25-54 years old) continues to increase – many Americans are making up for lost wages for the past two years, which is going to take time. Further, high inflation only furthers that gap as many individuals are fighting against the past as well as current high prices.”
Moore provides the following tips for consumers to stay on track with their long-term financial goals: “Work with a financial professional to re-adjust your strategy, which might include saving more, adjusting investments, re-setting goals, prioritizing goals, paying down or re-financing debt.”
COUNTRY Financial® is the marketing name for the COUNTRY Financial family of affiliated companies (collectively, COUNTRY), which include COUNTRY Life Insurance Company®, COUNTRY Mutual Insurance Company®, and their respective subsidiaries, located in Bloomington, Illinois.
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 1,000 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.
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