Inflation may have a bigger impact on the financial health of Americans than the COVID-19 pandemic did, according to findings from a new study by real estate data company Clever Real Estate.
The study, conducted online in January, revealed that 70% of those who responded said inflation has impacted their finances more than the pandemic, and a similar percentage (68%) think inflation is having a bigger impact on the U.S. economy as a whole than the pandemic.
Against the backdrop of a second financial blow to Americans already struggling to recover from the impact COVID-19 had on their finances, stress levels are on the rise. The survey found that 73% of Americans in debt are stressed about money and one in 20 believe they will never be able to pay off their debt. More than half of Americans said they have cried over their finances and a similar percentage said they have fought with loved ones over money issues in the past year.
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