Inflation Can Change the Way You Spend Money

How inflation is impacting the way people spend their money. PennyGem’s Johana Restrepo has more.

Transcript

00:00Inflation is impacting how people handle their money.

00:07Money Talks News points to data collected by the Charles Schwab Company,

00:12which surveyed 1,000 participants in 401k plans.

00:16They were asked how inflation is changing the way they spend their money.

00:21Respondents said they're saving less money for retirement,

00:24investing less outside of their retirement funds,

00:28and are saving less money for a rainy day.

00:30With inflation being so high, paying off higher debts will have to wait for better days.

00:36People are buying cheaper products and groceries.

00:39Plus, they're buying less things since they have to pay such high prices for everyday items.

00:45The New York Times reports that people are also canceling subscriptions or meal kits,

00:51skipping red meat and fish, walking dogs for extra cash,

00:55or cutting back on services for their animals.