MassMutual Consumer Spending & Saving Index: Ukraine conflict threatens Americans’ confidence in economic recovery, adds to inflationary concerns

SPRINGFIELD, Mass.–(BUSINESS WIRE)–The ongoing conflict in Ukraine is causing Americans to readjust their financial habits and mute their optimism about their financial future, according to new research from Massachusetts Mutual Life Insurance Company (MassMutual). This, combined with inflationary pressure, has the potential to dent the resurgence of the U.S. economy.

Almost half (45%) of Americans say they think the current geopolitical environment will impact their spending and lifestyle in the coming months, with finances already strained by inflation:

  • Of the total population, 88% have seen a rise in the price of groceries and 80% for fuel for vehicles. Since the start of 2022, nearly half (47%) have exceeded their budget for groceries.
  • Nearly 40% of respondents have recently dipped into savings.

“The conflict in Ukraine and its impact on already high inflation is forcing U.S. consumers to reassess their finances and position…

Read more…