ALBANY, N.Y. (NEWS10)- Most New Yorkers are troubled by the economic impact of the war in Ukraine and inflation. More than half (54%) feel the war will have lasting effects on the economy making it difficult for Americans financially.
The findings are the result of a new poll released by the Siena College Research Institute (SCRI). The poll asked New Yorkers how concerned they were about the price of things like gas, utilities, and retirement accounts. It also asked them how they planned to deal with inflation.
Inflation is having a somewhat (44%) or very (26%) serious impact on residents’ finances. As a result, New Yorkers said they would be taking multiple actions to help offset inflation.
|Buy less in general||69%|
|Buy less expensive items||67%|
|Use savings to pay for everyday items||28%|
|Get a second job/look for another source of income||35%|
|Cancel or postpone a vacation in the next six months||34%|
|Use a credit card, carrying forward debt||22%|
|Live and spend as before||10%|
New Yorkers said they were most worried about the price of food (87%), gas prices (80%), and home utility costs (76%). Little changed across different areas like New York City (NYC) or upstate as well as across political party lines.
Percent somewhat or very concerned regarding issues
|Issue of economic concern||All||NYC||Subs||Upstate||Dems||Reps|
|Home utility costs||76%||75%||78%||78%||75%||81%|
|Availability of everyday goods||73%||70%||75%||74%||71%||75%|
|Worth of American dollar||71%||68%||68%||75%||65%||83%|
|Value of retirement accounts||68%||67%||72%||68%||67%||74%|
“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.”
Additionally, a greater percentage of New Yorkers 18-34 years old (50%), Blacks and Latinos (46-50%), and those with children in their household (42%) plan on getting a second job or finding another way to get more money. 32% said they think the war will end soon, will affect the economy in the short term, and that Americans’ budgets will be mostly unaffected.