The nation”™s high inflation level is provoking a new wave of food insecurity and delayed medical treatment, according to a new survey from Nationwide Retirement Institute.
According to the survey that polled 1,140 adults, nearly two in five American households (17%) said they received food or goods from a food bank ”“ 22% of millennials said they went this route ”“ while 17% stopped buying organic or higher-priced healthy foods due to their cost. And nearly one in five Americans (18%) said they skipped meals or did not buy groceries due to high inflation (including 28% of Gen Z and 23% of millennials).
The survey also found many Americans struggling to pay for critical health care expenses ”“ 14% of those surveyed said they cancelled or postponed plans in the past 12 months to see a specialist, with 11% delaying their annual physical and 10% not purchasing a prescribed medication due to high costs.
“As the price of health care and basic necessities continue to reach record highs, Americans have been forced to make tough decisions that sacrifice their health and wellbeing,” said Kristi Rodriguez, senior vice president of the Nationwide Retirement Institute. “While these decisions are understandable and challenging, making short-term tradeoffs may have long-term impacts. Neglecting your health now can lead to far bigger costs as you age and approach retirement. This is such a critical time to consult with a financial professional to create a plan that prioritizes your health care needs now and in retirement.”
