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In a survey of 401(k) plan participants by TIAA, inflation was cited as the biggest problem facing the United States today – ahead of gun violence – and they said their spending and saving behaviors have changed as a result.
The survey, "Insights from 401(k) Contributors," showed that 68% of plan participants pointed to inflation as a problem for the country, while 66% of participants called gun violence a problem. Other high-ranking concerns included:
- Violent crime (58%)
- Affordability of health care (56%)
- Federal budget deficit (50%)
Against that backdrop, 60% of respondents said that they are spending less in the current climate while just 6% said they are spending more. Meanwhile, 28% said that they are saving more versus only 9% who said they are saving less.
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