How inflation is impacting the way people spend their money. PennyGem’s Johana Restrepo has more.
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00:00Inflation is impacting how people handle their money.
00:07Money Talks News points to data collected by the Charles Schwab Company,
00:12which surveyed 1,000 participants in 401k plans.
00:16They were asked how inflation is changing the way they spend their money.
00:21Respondents said they're saving less money for retirement,
00:24investing less outside of their retirement funds,
00:28and are saving less money for a rainy day.
00:30With inflation being so high, paying off higher debts will have to wait for better days.
00:36People are buying cheaper products and groceries.
00:39Plus, they're buying less things since they have to pay such high prices for everyday items.
00:45The New York Times reports that people are also canceling subscriptions or meal kits,
00:51skipping red meat and fish, walking dogs for extra cash,
00:55or cutting back on services for their animals.