60% of Americans Plan to Cut Spending on Fourth of July Due to Inflation

The fourth day of July is coming and as usual, Americans always go all in for fireworks and family reunions. Nevertheless, inflation this year is making them look at their spending habits differently. WalletHub's survey shows that 60% of respondents intend to spend less money this holiday than they did last year.

Survey Insights about Spending and Feelings

A national online survey conducted by WalletHub with over 200 responses showed that 3 out of 5 people (60%) said inflation affected their plans for Independence Day. Also, 2 in 3 Americans (66%) think the Founding Fathers would disapprove the way the American economy is going.

Besides planning for expenses during festivities; 7 out of 10 individuals (70%) feel credit should be an inalienable right of any American citizen. The findings show contrasting opinions concerning this subject as some see it as a way out of poverty while others fear it may lead to increased debt levels. A finance expert with WalletHub further added that 84%of adults in America have no less than one credit card meaning that easy access to cheap credit is an important issue.
 
As per this survey too 61% were financially independent for This Year's Independence Day while 52% have reported an improvement in their financial situation since Last Year. These figures however indicate a slight fall compared to last year's survey when 63 percent felt financially independent.

Read Also: Beef, Condiments Increase Prices to Over 10% Ahead of Memorial Day 
 
Americans shared on the top three things they wish they could declare independence from; social media at 27%, credit card debts at 27%, and over eating at 23%. Otherwise alcohol or tobacco got mentioned by  only 8% ,and 7% for student loan debts and TV.

Inflation's Impact and Access to Credit 

Cassandra Happe, a key analyst for the website said, "Inflated prices for food, travel, and other holiday staples are making people rethink their plans." 

"Around 84% of US adults already have at least one credit card, so it seems like easier access to more affordable credit is really what people are after. People who have trouble getting approved for traditional credit cards or loans should consider options like secured credit cards and secured loans, which require collateral but are attainable for most people as a result. Secured credit cards and loans can help build the credit necessary to borrow more in the future," she added.
 
While, many people have cut spending on the 4th of July in response to inflation. This study by WalletHub gives us an idea of how Americans feel about money and what they want most for themselves financially, revealing that struggles and hopes for independence remain unchanged.  

Related Article: US Crude Prices Climb Above $81, Rally Shows No Signs of Abating