We can’t control what others do and we can’t stop misfortune from striking. But we can control our own actions. Those who are financially prudent will most likely enjoy success, even if events don’t always go their way.
Unfortunately this (inflation) leads to unwanted health choices and a new Nationwide Retirement Institute survey of 1,140 adults in the U.S. shows that over the last 12 months, nearly two in five American households (40%) received food or goods from a food bank (22% for millennials), and the same amount (17%) stopped buying healthier foods (organic or high-priced healthy foods).
“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.
Nearly one in five Americans (18%) say they skipped meals or didn’t buy groceries due to high inflation (including 28% of Gen Z and 23% of millennials). As food insecurity deepens, Americans are also struggling to pay for critical health care expenses. Many have cancelled or postponed plans in the past 12 months to see a specialist (14%), take a prescribed medication (10%) or get an annual physical (11%) due to high inflation. Almost one-fifth of Gen Z (17%) and millennials (19%) have cancelled or postponed plans in the past 12 months to see a mental health professional.
To find additional savings, 14% of Americans say they are considering downgrading their health insurance plan because of high inflation, which rises to 23% and 20% for Gen Z and millennials, respectively.
Over the last 12 months, nearly two in five American households (40%) received food or goods from a food bank?
And then this is this.
40% of Americans need food assistance while spending sets records‼️
Was yours spent online shopping? If so, you’re not alone. A new report from Adobe Analyticsfound consumers spent a record $9.12 billion online shopping on Black Friday. That’s an increase of 2.3% over a year ago, despite concerns about higher prices or a recession.
The report showed that many shoppers took advantage of smartphone sales, with nearly half (48%) of online sales made over the device, up from 44% last year. More shoppers are also taking advantage of buy now, pay later services; orders from Nov. 19-25 were up 78% compared to the previous week.
Cyber Monday is also expected to set records, with Adobe Analytics expecting sales up 5.1% over last year at $11.2 billion.
None of these great sales records beat the inflation record this year, so adjusted for inflation sales are down year over year.
As for FOOD Banks – When I had four teens living at home and less than $15K income in the 1990s, we used it a couple of times.
1. You could only go once every 90 days.
2. They would give us zip lock bags of cereal, not a whole box.
3. Way too many of the food items that we received (sometimes 50%) where expired.
4. After we stopped using our local FB the CEO was arrested for stealing donations.
How much have I spent or intend to spend this XMAS season? NOTHING!!!
I did make seven car payments of $518.72, the first two months of my car loan, when i purchased the 2020 Ford Edge, that I had been leasing for 30 months, in Oct. On track to payoff my $21,762 car loan in just 14 months.
PRIORTIES – People just don’t seem to know what is important and fail to act in their best interest. Looking at what is in their shopping carts can give you an idea.
In May of 2022, New Jersey banned paper and plastic bags. Food banks were allowed to use them until November 2022.
My wife and I have not seen any food drives this season. Normally, the post office and the Boy Scouts each hold food drives. We saw advertisements for the Thanksgivings Day Parade in Philadelphia for a TV-6 / Boy Scout food drive, but nothing local where I live in NJ. Not even boxes in stores. The only other food drive I heard about was an annual turkey drop before Thanksgivings done by a Philadelphia radio station. Bags are not needed and the turkeys could be dropped off at local Acme stores probably where you earned a free turkey anyway.
So, I can only guess that food pantries in my area must be hurting. If 40% of the people need help with food, why aren’t more people screaming about the lack of food?
Things cannot be as bad as these “surveys” make them out to be. I do know that if you put up a sign that says “free”, the line forms out the door whether the people need or even want the freebie.
One thing to keep in mind though, about the increase in Black Friday sales, is that if prices are up say,10%, a 2% increase in sales is not an increase.
I can happily report that my wife and I did not go to a food bank in the last 30 days. So that means of the next 3 readers here, 2 did go to a food bank.
In my town, which does have several food banks operating at least one day a week, they are not supplying 40% of the food to the residents. I am sure if food banks were supplying 40% food then two of the local grocery stores would have to close down.
During the Great Depression, there was 25% unemployment and the workers extended families amounted to being 36% of the population during the 1930s. I do not see bread lines today. I do not know what Nationwide Insurance angle is on this survey. Did they just ask the homeless on the streets of San Francisco?
On the other hand, depending of the government program, you may qualify if you are 1.5 to 5 times the poverty limit. 56% of the households paid no income taxes in 2021. So maybe 2 out of 5 people have gone to a food bank to get food assistance which doesn’t mean their full week needs of groceries. But with record low unemployment, how is this possible?
I am skeptical of just how many people need free groceries. I see on the local news channels stories of free handouts and the late model SUVs and sedans are snaked around the parking lot. The reporters all say what a struggle it is to afford food at these high prices. They never report on what a struggle it is to buy a 50k SUV and pay for gas at these high prices.
QUINNSCOMMENTARY 
Be suspicious of reporting of “surveys” taken by advocates on a mission to promote more government “aid” assistance. It’s a bottomless pit!
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None of these great sales records beat the inflation record this year, so adjusted for inflation sales are down year over year.
As for FOOD Banks – When I had four teens living at home and less than $15K income in the 1990s, we used it a couple of times.
1. You could only go once every 90 days.
2. They would give us zip lock bags of cereal, not a whole box.
3. Way too many of the food items that we received (sometimes 50%) where expired.
4. After we stopped using our local FB the CEO was arrested for stealing donations.
How much have I spent or intend to spend this XMAS season? NOTHING!!!
I did make seven car payments of $518.72, the first two months of my car loan, when i purchased the 2020 Ford Edge, that I had been leasing for 30 months, in Oct. On track to payoff my $21,762 car loan in just 14 months.
PRIORTIES – People just don’t seem to know what is important and fail to act in their best interest. Looking at what is in their shopping carts can give you an idea.
LikeLike
Unintended consequences:
In May of 2022, New Jersey banned paper and plastic bags. Food banks were allowed to use them until November 2022.
My wife and I have not seen any food drives this season. Normally, the post office and the Boy Scouts each hold food drives. We saw advertisements for the Thanksgivings Day Parade in Philadelphia for a TV-6 / Boy Scout food drive, but nothing local where I live in NJ. Not even boxes in stores. The only other food drive I heard about was an annual turkey drop before Thanksgivings done by a Philadelphia radio station. Bags are not needed and the turkeys could be dropped off at local Acme stores probably where you earned a free turkey anyway.
So, I can only guess that food pantries in my area must be hurting. If 40% of the people need help with food, why aren’t more people screaming about the lack of food?
LikeLike
Things cannot be as bad as these “surveys” make them out to be. I do know that if you put up a sign that says “free”, the line forms out the door whether the people need or even want the freebie.
LikeLike
One thing to keep in mind though, about the increase in Black Friday sales, is that if prices are up say,10%, a 2% increase in sales is not an increase.
LikeLike
I can happily report that my wife and I did not go to a food bank in the last 30 days. So that means of the next 3 readers here, 2 did go to a food bank.
In my town, which does have several food banks operating at least one day a week, they are not supplying 40% of the food to the residents. I am sure if food banks were supplying 40% food then two of the local grocery stores would have to close down.
During the Great Depression, there was 25% unemployment and the workers extended families amounted to being 36% of the population during the 1930s. I do not see bread lines today. I do not know what Nationwide Insurance angle is on this survey. Did they just ask the homeless on the streets of San Francisco?
On the other hand, depending of the government program, you may qualify if you are 1.5 to 5 times the poverty limit. 56% of the households paid no income taxes in 2021. So maybe 2 out of 5 people have gone to a food bank to get food assistance which doesn’t mean their full week needs of groceries. But with record low unemployment, how is this possible?
LikeLike
I am skeptical of just how many people need free groceries. I see on the local news channels stories of free handouts and the late model SUVs and sedans are snaked around the parking lot. The reporters all say what a struggle it is to afford food at these high prices. They never report on what a struggle it is to buy a 50k SUV and pay for gas at these high prices.
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