According to the data, the proportion of those affected by inflation remains high, increasing to 70% of all retail bank customers. Somewhat surprisingly, the largest month-over-month increase is among Americans that are classified as financially healthy (3%).
What’s more, amid high inflation, Americans have begun to turn to credit cards to help shoulder their monthly burden. Unfortunately, it seems that some banking customers have chosen to carry higher credit card balances without knowing the extent to which that will affect their credit score: a sign that the after-effects of inflation may be felt by Americans for years to come.
Recognition of inflation among Americans once again increased, but with a surprising twist: Customers whose financial situations are classified as healthy have the highest increase. It’s a sobering realization that the negative effects of inflation are mounting for all Americans.
As a result, customers indicate low levels of confidence in their ability to handle inflation, alongside sagging overall satisfaction with their financial conditions, which—for the second consecutive report—is at the lowest level since J.D. Power began tracking the metric. Despite these troublesome data points, however, the ratio of healthy to unhealthy customers remains relatively unchanged.