PROVO, UT.-According to a recent survey a high cost of living can negatively impact the mental health of families.
The 2024 Consumer Trends survey conducted by Smarty, the online shopping platform that finds coupons for major U.S. retailers, highlighted how American adults are adjusting to rising prices and the overall cost of living.
Smarty surveyed 1,033 U.S. consumers in Jan. of 2024 and found that, despite concerns about inflation, stagnation and shrinkflation, 71 percent of Americans believe they will meet their financial goals this year.
According to Smarty’s survey, consumers are combatting rising prices by prioritizing saving and building up personal financial reserves, with about four in 10 survey respondents planning to set up an emergency fund in 2024.
Smarty’s full cost of living survey is available online.
Despite plans to save, the already high cost of living can also impact the mental health of consumers.
“Today’s consumers are between a rock and a hard place,” said Vipin Porwal, Founder and CEO of Smarty. “Wages are stagnant while expenses are going up, so now they have to figure out how to financially navigate this new world.”
82 percent of survey respondents reported that the cost of living is currently too high and is causing economic stress in their lives.
According to Smarty, 52 percent of those who completed the survey are worried about the future, 43 percent feel anxious and 29 percent are anxious about day-to-day expenses.
