LOUDONVILLE — Seventy percent of recently polled New Yorkers say inflation is having a very (26 percent) or somewhat (44 percent) serious impact on their personal finances.
Meanwhile, 54 percent say the war in Ukraine and the international response to it will lead to long-term economic problems resulting in personal financial difficulties all American will face for years, according to findings by the Siena College Research Institute.
“Inflation had gotten New Yorkers’ attention, but now add in war in Ukraine and consumers are very concerned, and many are planning to cut back,” according to SCRI Director, Don Levy. “While a third think the war will soon be over and that our finances will not be largely affected, over half believe the war in Ukraine will generate economic shock waves that New Yorkers will face for years to come.”
In light of current economic conditions and the war in Ukraine, 87 percent are concerned about food prices, 80 percent are concerned with the cost of gasoline, 76 percent with home utility costs, 71 percent with the worth of the American dollar and 68 percent with the value of their retirement accounts.
In response to price increases due to inflation, 69 percent say they will buy less, 67 percent will buy less expensive items and 28 percent plan to dip into savings to pay everyday expenses. More than a third, 35 percent, plan to get a second job or generate another source of income while 34 percent say they will postpone or cancel a vacation. Just 10 percent say they will continue to spend as before.
“With the pandemic’s effects lessening, New Yorkers were ready to exhale, but economic conditions and war in Eastern Europe have us holding our breath again,” Levy said. “We will have to wait and see how the economy reacts this spring and summer and what the impact of war in Ukraine will be, but for now, New Yorkers weary from two years of COVID, are expressing economic concerns that will pre-occupy their decisions and perhaps slow economic activity in New York.”
The poll was conducted from March 14 to March 17 by random phone calls to 396 New Yorkers. It carries a margin of error of +/- 3.7 percent.
