Widespread inflation is forcing working Americans to cut back putting money towards their nest egg.
About 55% of adults say they've had to reduce or stop contributing to their retirement plans due to the economy. That's according to multiple surveys, one of which indicates 43% have had to dip into their retirement because of an inflated cost of living.
“Consumers have been hit with a one-two punch of inflation and then higher interest rates due to the Fed trying to control inflation,” Bill Dendy, a certified financial planner, said.
Dendy believes the trend is troubling, which is why he recommends Americans sit down and calculate their expenses regularly. He says many consumers are asking themselves how they can get back on track.
In addition to inflation, other reasons many can't save as much include reduced income, new expenses, and debt repayment.