Some 54 percent of New Yorkers say the war in Ukraine and the international response to it will lead to long-term economic problems resulting in financial difficulties that all Americans will face for years, according to a new statewide survey of consumers by the Siena College Research Institute (SCRI).
Thirty-two percent are more inclined to say that the war will soon end and despite significant short-term economic impacts, the American economy as well as the personal finances of Americans will be largely unaffected, the survey indicated. Seventy percent say that inflation is having either a very (26 percent) or somewhat (44 percent) serious negative effect on their personal finances.
The survey said in light of current economic conditions and the war in Ukraine, 87 percent are concerned about food prices, 80 percent are concerned with the cost of gasoline, 76 percent with home utility costs, 71 percent with the worth of the American dollar and 68 percent with the value of their retirement accounts.
In response to price increases due to inflation, 69 percent will buy less in general, 67 percent will buy less expensive items and 28 percent plan to dip into savings to pay for everyday expenses. Over a third, 35 percent plan to get a second job or generate another source of income while 34 percent now say that they will postpone or cancel a vacation in the next six months.
“Inflation had gotten New Yorkers’ attention, but now add in war in Ukraine and consumers are very concerned, and many are planning to cut back,” said SCRI director Don Levy. “While a third think the war will soon be over and that our finances will not be largely affected, over half believe the war in Ukraine will generate economic shock waves that New Yorkers will face for years to come.”
“Gas, food and utilities costs are a concern for between 76-87 percent of all New Yorkers,” Levy said. “And with inflation soaring, about 70 percent worry about the American dollar’s worth and the value of their retirement accounts. With the pandemic’s effects lessening, New Yorkers were ready to exhale, but economic conditions and war in Eastern Europe have us holding our breath again.
