Emergency savings take hit as households adjust short-term finances amid high inflation
About one-third of adults are putting less money in their emergency funds so that they're able to cover everyday expenses.Consumers also are delaying some financial goals due to inflation, the study shows.It appears emergency savings are another casualty of high inflation.
About one-third of adults are contributing less to their emergency funds so that they're able to cover their everyday expenses, according to research from New York Life Insurance Company. The average reduction in monthly contributions to those emergency accounts is $243, with millennials making the biggest cut: $289.
"While it is concerning that the increased costs of everyday goods and regular expenses may deflate a necessary financial cushion, this environment means households are making calculated decisions about how to adjust their financial strategy in the way that makes the most sense for them," said Dylan Huang, head of Retirement & Wealth Management Solutions for New York Life.
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