After several years of high inflation, consumers are worried about the economy and it is impacting their ability to pay their bills. The overall cost of living is increasing, leaving consumers with less money each month to meet all of their financial obligations.
According to the Bureau of Labor Statistics , in April of 2021, inflation rates surpassed 4% for the first time since 2008, continuing to grow until peaking at over 9% in June of 2022. Inflation remains high even now in February of 2023, remaining above 6% and causing significant financial stress.
The majority of our survey respondents (74%) say inflation has impacted their ability to pay bills, and 1 in 6 responding U.S. adults (16%) have delayed—or will delay— paying important household bills.