Just like inflation, the financial strain it causes is on the rise. These pair of polls tell the story.
A majority of people say inflation is causing them financial strain, according to a new Wall Street Journal poll.
56 percent of respondents say that inflation is rising and that it is causing them financial strain. Half of them categorize the financial strain as “major.”
Grocery and gas prices are the primary concern of more than half. Others list housing and utility expenses.
Elsewhere in the financial world, banks are assessing their readiness for inflation’s impact on their customers.
“Senior bankers are increasingly concerned that higher inflation could impact borrowers’ ability to pay back loans, slow U.S. economic growth, and destabilize stock markets,” reports Reuters.
“Bank of America CEO Brian Moynihan said his bank was running internal health checks to ensure its portfolios could withstand a return to 1970s-style inflation.”
Here’s a headline from Yahoo News: “77% of Americans now say inflation is personally affecting them — and 57% blame Biden.”
More respondents named inflation as “the most important issue facing America,” in the Yahoo poll than any other choice.
People are struggling to find out what is happening with prices and their purchasing power. Searches for the word “inflation” on Google are at record highs.