Economy forcing majority of Americans to delay financial milestones

Many Americans are delaying financial activities and canceling events and activities due to the current economic situation.

According to a new study from Bankrate, 53% of Americans have put off major events such as home improvement and remodeling and buying or leasing a car.

Meanwhile, 58% of Americans missed out on things like postponing vacations and skipping meals with family or friends.

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The dance floor stopped watching as the couple danced for the first time. (iStock/iStock)

The data showed that 15% of the respondents stopped buying a house, while 10% insisted on furthering their education. Nine out of every 100 people quit their jobs, 7% stopped advancing in their careers and 7% put off getting married. In addition, another 7% pushed to have children.

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Economic stress has caused people to stop doing small activities, everything from amusement parks, water parks, movie theaters or going to the gym or the gym.

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New cars are at the dealership. (iStock/iStock)

“Whether it’s inflation, rising interest rates, fears of a recession, stock market volatility, or the like, economic concerns are high,” said Bankrate economist Greg McBride.

In October, consumer prices rose 7.7% from last year and 0.4% from September, according to government data. Although the year-over-year increase, down from 8.2% in September, was the smallest increase since January, rates remain high as the Federal Reserve continues to fight inflation.

Mortgage rates broke 7% again in the past few weeks – a rise not seen in more than two decades. Mortgage broker Freddie Mac said last week that the average 30-year mortgage rate rose to 7.08%. A year ago the interest rate was 2.98%.

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As a result, new home sales fell in September as higher home prices and mortgages scared away prospective homebuyers.

57 percent of people say that the state of the economy has affected their lives in the past year. Only about one in eight people said the results were positive, according to the survey.

Those who say their lives have been disrupted are more likely to delay their finances than those who say their lives have been affected or not affected at all, according to Bankrate.

Of all the generations, millennials, those between the ages of 26 and 41, are the slowest.

The data also showed that 58% of high-income households, those earning $100,000 a year or more, could delay at least one investment. This compares to 55% of households making between $50,000-$99,999 who delay at least one financial step and 54% of households making less than $50,000 a year.

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Despite increased travel with all flights and hotels sold out McBride questioned whether the operation would have been as strong if more people had not delayed their plans.

“More than one in three (37%) Americans skipped a vacation last year because of the economic climate,” he said. “This becomes the first income that can be reduced if families are uncertain about the future finances.”

The Associated Press contributed to this story.

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