"[A] full two-thirds of Americans say they’re raiding their savings as prices of goods and services spike," a release on the survey said.
Americans have saved $2.5 trillion during the coronavirus pandemic, but that money is dwindling as they use cash reserves to deal with the worst inflation in the United States in more than 40 years that stands at present at 8.6%, the release said.
"Inflation is hurting workers, with wages not able to keep pace. From May 2021 to May 2022, real wages adjusted for inflation dropped 3%, widening the gap between earnings and costs of goods and services," the release said.
Sixty-seven percent of Americans say they have been deeply affected by spiraling prices for everything from food, gasoline, electricity, cars, rents, mortgages and housing costs, the release said.
Eight percent of respondents said they have completely used up their savings, 23% said they have used a significant portion of their savings and 36% said they have spent a lesser amount from their savings, the release added.