Vast majority of older Americans worried inflation will outpace their income: AARP
High prices are ravaging household budgets and posing a particular threat to those on fixed incomes
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An overwhelming majority of older Americans say they are stressed out about the country's persistently high inflation, according to fresh data.
A recent survey by AARP, the full results of which are set to be released later this month, found that 70% of U.S. adults aged 50 and older are worried about prices rising faster than their income.
Prices are displayed in a grocery store on Feb. 1, 2023 in New York City. (Photo by Leonardo Munoz/VIEWpress / Getty Images)
The findings shared with FOX Business come on the heels of this week's Labor Department data showing the consumer price index – a broad measure of the price of everyday goods including gasoline, groceries and rent – rose again in March for the third straight month to 3.5% from a year ago.
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Although inflation has fallen considerably from a peak of 9.1%, it has remained well above the Federal Reserve's 2% target for more than two years.
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"Inflation coming down does not mean prices are coming down; it means prices are rising more slowly," said AARP Senior Policy Advisor David John. "Older Americans, especially, still have to make tough choices."
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High inflation has created severe financial pressures for most U.S. households, which are forced to pay more for everyday necessities like food and rent. The burden is disproportionately borne by low-income Americans, whose already-stretched paychecks are heavily affected by price fluctuations.
People shop for groceries at a supermarket in Glendale, California, on Jan. 12, 2022. (ROBYN BECK/AFP via Getty Images / Getty Images)
Rising prices are also of particular concern to people on fixed incomes, many of whom are of retirement age.
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"More than one-third (37%) of adults ages 50+ are worried about covering basic expenses, such as food and housing," John added. "And more than half (61%) of adults ages 50+ are worried they will not have enough money to last in retirement."
FOX Business' Megan Henney contributed to this report.