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| According to a recent survey a high cost of living can negatively impact the mental health of families. |
| Smarty surveyed 1,033 U.S. consumers in Jan. of 2024. The findings illuminate the profound impact of inflation, stagnation, and shrinkflation on mental well-being. |
| According to Smarty's survey, consumers are combatting rising prices by prioritizing saving and building up personal financial reserves, with about four in 10 survey respondents planning to set up an emergency fund in 2024. |
| Despite plans to save, the already high cost of living can also impact the mental health of consumers. |
| “Today’s consumers are between a rock and a hard place," said Vipin Porwal, Founder and CEO of Smarty. "Wages are stagnant while expenses are going up, so now they have to figure out how to financially navigate this new world." |
| 82 percent of survey respondents reported that the cost of living is currently too high and is causing economic stress in their lives. |
| According to Smarty, 52 percent of those who completed the survey are worried about the future, 43 percent feel anxious and 29 percent are anxious about day-to-day expenses. |
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