How Can You Fight Inflation’s Hidden Threat to Your Savings?

Inflation may be declining, but its impact on Americans’ savings remains a quiet crisis. Many find themselves dipping into their reserves just to cover daily expenses. Although the inflation rate has slowed in recent months, it continues to have a delayed effect on consumers. A recent study shows that More than 80 percent of Americans have credit card debt Millennials reported rising anxiety and increasing reliance on credit for basic needs as inflation continues to eat away at household budgets, with minorities and low-income groups particularly hard hit.

This is not just a story of inflation, but of complex challenges that affect the average saver’s ability to put money aside. Although financial institutions cannot control market forces, they play a critical role in helping people develop strategies to protect their savings against today’s economic pressures.

Actions you can take with the support of financial institutions