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Whether it’s at grocery stores or gas pumps, people across the country are feeling the effects of inflation and many households have been forced to make major changes to their spending habits. But what has happened to their saving habits? 

Despite inflation, consumers remain focused on stashing a portion of their money away, showing they recognize that saving is key to long-term financial wellness. The vast majority of Americans are putting at least some money into savings, about 91 percent of respondents to Plinqit’s State of Savings report.

However, for many Americans, a portion of their savings is actually going toward debt. The State of Savings report reveals that nearly half of Americans, 42 percent, are putting money aside to pay down their debt. Given the Fed’s string of interest rate hikes in 2022, borrowing is now more expensive and, although consumers may want to get out of debt, the current economy is making this hard to accomplish.  

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