Bethesda, MD. (FOX 5 DC) - Gas and food prices are already on the rise and most Americans expect inflation to get even worse, according to a recent poll conducted by George Mason University’s Schar School of Policy and Government and The Washington Post.
Nearly 9 in 10 people surveyed said they’re making more of an effort to find the cheapest price for products. About six in 10 people said they are cutting back on electricity. Roughly three-quarters of respondents said they’re cutting back on restaurants and entertainment, or putting off purchases.
"The best thing for people to do is to start being more assertive, as we’ve seen in the survey, before they really feel they need to," said Jason Howell, an adjunct instructor at Mason who also runs a wealth management firm.
Howell added that he’s happy to see people are cutting back and said that if families can save money, he recommends they do.
"Because what we’re looking at over the next 12 to 18 months could be a continued tightening, and you want that little cushion to be there when you need it most," he explained.
In Bethesda Monday afternoon, many people told FOX 5 they’ve changed their spending habits of late.
"I’m making sure to like focus my spending on what I like really need," said Charlotte Jenkins.
"I’m definitely trying to drive less and eat at home more," added Tizane Sharpe.
One potential positive from the poll: about two-thirds of people said that despite rising costs, they’re still optimistic about their family’s financial situation.