Money study paints bleak reality for US consumers

• A survey by financial services firm Raisin revealed that 70 per cent of US consumers prefer receiving $1,000 immediately over $1,100 in a year due to acute household financial pressure.
• Consumers overwhelmingly favour accessible savings accounts over high-yield options that impose penalties for early cash withdrawals.
• Economic strain worsened after inflation topped 4 per cent following military action against Iran ordered by President Donald Trump, which drove petrol prices to multi-year highs.
• To manage rising living costs, Americans turned to discount stores, delayed vehicle maintenance, and bought fewer than 10 gallons of petrol per transaction.
• Inflation experienced its largest drop in six years in June, falling to 3.5 per cent and offering mild relief to struggling households.

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Bleak study shows consumers can’t afford to save money right now