Americans headed for savings crisis?

A new survey finds 67% of Americans are dipping into their savings to help pay for rising living costs. ABC News’ Veronica Miracle has more on the possible response from the Federal Reserve tomorrow.

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50 thoughts on “Americans headed for savings crisis?

  1. Unfortunately people simply don't understand inflation. They think it's just a matter increasing wages. But all that does is drive inflation higher. We're really in trouble because democrats are control in Washington. When it comes to solving inflation you don't want liberals trying to solve it. They think you can spend your way out of inflation.

  2. Ready for a recession.. prices need to settle on stick built houses and manufacture homes and cars and bring dealers back to reality.

    Ill be on the hunt for good deals to come..been waiting for a nice new truck to treat myself with

  3. Saved 22k since pandemic started. We have bills just like everyone else with an average income. Always make the Lord your first priority and give at least 10% of gross income to your Church. NO MATTER WHAT. Then live on a written budget. It's not rocket science but if you don't keep the Lord first you'll always struggle with money. Most people don't understand that. You gotta draw the line in the sand and always budget AFTER your giving. Your giving comes first, then you budget on what's left over. Most people don't do this and most people live broke. It's your choice.

  4. Fast food, alcohol, cigarettes, lotto tickets, online subscriptions, making excuses, playing on your phone 8 hours a day, etc

    That's why you all are broke

    Go look in the mirror if you want to see the problem

  5. Yet when I look around where I live, people are spending like crazy and buying all kinds of new things or taking awesome trips or making large financial decisions involving home renovations etc… looks a lot to me like 05-06-07ish

  6. save till it hurts, then save even more.

    you people live as if tomorrow will never come. you party and eat out more than you should. if you dont learn anything from this, you never will.

  7. just tur the pipeline back on sleepy joe!

    turn the valve sleepy joe….
    you can do it.
    its like willy wonka n the chocolate factory… except ice cream will pour out the end instead of chocolate! now you like ice cream dont you?!?!?

  8. Okay ABC News, let me help y'all out, the current situation will lead to more people becoming homeless because you cannot expect things to just work out when the cost of everything rises at the same time and wages do not keep pace, I've seen countless people online complain about applying for tons of jobs and not getting one so something is amiss there, there will be an increase in foreclosures as a result of point number one, there will be drastic increases in bankruptcy filings with the rate hikes impacting variable interest rates on overextended Americans so that will be most that have revolving debt again point one, there will be an increase in property crime out of desperation as we've already seen, there is no savings in America we are broke and neither the Republicans nor Democrats give a F about we in society at large as the lack of results after decades prove this since we keep getting poorer, the housing market will crash, . . . . . like what kind of Pollyanna juice do y'all wake up and drink? If you are going to report on the economy at least have some damn common sense to know how things are interconnected and how pullbacks in one area have a direct impact on another even if it takes time to ultimately see the result from decisions made due to economic contraction.

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