"Gas Lines" Generation Expects Inflation Above 4% in 2022, Survey Finds

U.S. Inflation hit a 30-year high last month, but many Americans see the rate continuing to climb. A new survey conducted by the Social Security Resource Center (SSRC) found that two-thirds of Americans aged 60 and above (63%) expected inflation to accelerate to 4% or higher over the next twelve months. Twenty-one percent (21%) of this cohort predicted inflation will run 8% or higher, well over today's historically high level.

News provided by

Social Security Resource Center

Dec 14, 2021, 14:40 ET

PHILADELPHIA, Dec. 14, 2021 /PRNewswire-PRWeb/ -- The November 2021 SSRC Retirement Values Survey found that 58% of all Americans are more concerned about their retirement today compared to a year ago. Other key findings from the bi-monthly report included:

A new survey conducted by the Social Security Resource Center (SSRC) found that two-thirds of Americans aged 60 and above (63%) expected inflation to accelerate to 4% or higher over the next twelve months. Twenty-one percent (21%) of this cohort predicted inflation will run 8% or higher, well over today's historically high level.

"Older Americans lived through the high-inflation 1970's: spiraling price increases, long lines at the gas station, and sluggish economic growth. Our survey highlights the extent to which the Covid-19 pandemic has changed Americans' retirement plans. Now more than ever it's important knowing what you're owed in earned, spousal, or survivor Social Security benefits," said Leigh McKenzie, SSRC Managing Director.

Only 24% of Americans said the economy is good these days. Fifty-three percent (53%) said the economy was poor. Typical for contemporary surveys, there was a strong partisan tilt to these responses. Only 34% of Democrats said the economy is poor, compared to 68% of Republicans.

Among other key findings:

  • Fifty-nine percent (59%) of all adults expected inflation to accelerate from today's historically elevated levels over the next 12 months. Twenty-three percent (23%) of all adults expected inflation to meet or exceed 8%.
  • A quarter (25%) of adults said they're worse off financially today than they were 12 months ago, including 29% of older (age >60) adults.
  • Around 1 in 5 (19%) said they expect to be worse off financially in 12 twelve months than they are today, including 24% of retirement-age adults. Republicans were more likely to have negative expectations (30%) than Democrats (12%).
  • Twelve percent (12%) of adults said that the Covid-19 pandemic made them push back their retirement plans.
  • A similar percentage (12%) said they were thinking about delaying their Social Security retirement benefits.
  • A fifth (21%) of adults said they've saved zero dollars for retirement over the last 12 months. Another 12% reported saving less than $1,000.
  • Given the current economic climate, nearly half (47%) said they are thinking about decreasing non-essential spending and 35% were thinking about postponing large purchases.

About the SSRC Retirement Values Survey

The SSRC Retirement Values Survey tracks public opinion on issues important to Americans in or approaching retirement. This 4th Quarter survey was an online panel survey of 1,511 U.S. adults, conducted November 14-17, 2021. Responses were post-stratified and weighted by age cohort, gender, educational attainment, and geographical region. The margin of error for this survey was +/- 2.5% with a 95% confidence interval. It is part of SSRC's ongoing efforts throughout the pandemic to help Americans maximize their savings and retirement benefits, particularly given the COVID-19 closures of Social Security offices.

Media Contact

Susan Dover, Social Security Resource Center, 1 2155094904, [email protected]

SOURCE Social Security Resource Center