Inflation is starting to have a noticeable effect on workers’ expenditures.
Researchers at Principal Financial Group Inc., Des Moines, Iowa, have published that finding in the latest Principal Financial Well-Being Index survey report, which draws on a survey of 1,117 employees ages 18 and older at businesses with 10 to 1,000 employees. The researchers also surveyed 673 retirees.
About 56% of the workers and 55% of the retirees surveyed said they have cut back on spending due to challenging economic conditions, the researchers say.