Americans rank inflation as top economic worry today, according to a new study from Allianz Life Insurance Co. of North America.
The Allianz Life 2017 Inflation Study was conducted in July and surveyed 1,213 U.S. adults age 18 and older.
When asked about their main economic worries today, the majority of respondents put inflation at the top of their list, with 32% saying they were either “panicked” or “very worried” about it.
Despite their worries, many of those surveyed do not have a proper strategy in place to address what Allianz says could be a “significant risk to retirement plans.”
The study found that 64% of respondents do not have a financial plan that addresses the rising cost of living in retirement. Of those who do, 51% claimed their financial “plan” to address it was to “be more frugal with money” when they retire.
“Although it may be an option for managing expenses, frugality is not a financial strategy that will mindfully and effectively address the rising cost of living throughout retirement, especially one that could last 30 years or more,” said Allianz Life Vice President of Consumer Insights Deb Repya in a statement.