Families tighten holiday budgets during high inflation

The highest inflation since the 1980s is making holiday budgeting more complicated for millions of middle-class families this year.

COLUMBIA, S.C. (WOLO)– The highest inflation since the 1980s is making holiday budgeting more complicated for millions of middle-class families this year.

A poll last month found nearly half of Americans have less in savings than they did just a year ago. The poll also found 42% plan to spend less on gifts this season and only 8% plan to spend more.

The National Retail Federation says overall holiday spending hasn’t slowed yet, but many families are making sacrifices to buy presents for their loved ones.

Meanwhile, in a Gallup poll this month, more than half of Americans said rising prices have caused financial hardship for their household, and 13% say that hardship is severe.