The Fourth of July is upon us, and Americans rarely keep their hands tied behind their backs when it comes to pouring their hearts out, fueled by patriotic fervor and fireworks. As one of the most prominent American holidays with family gatherings nationwide, Independence Day is bound to come with a hefty price tag, all thanks to inflation.
Despite the traditional holiday atmosphere in the air, 60% of Americans are determined to keep their pockets tight and spend less money next Thursday than on the Fourth of July last year, according to a recent report. reconnaissance By personal finance website WalletHub. In the wake of the current political scenario, the survey also details Americans’ views on freedom and patriotism.
Americans’ responses to July 4, 2024 revealed
WalletHub’s national online poll, which took into account responses from more than 200 participants, found that 60% of Americans plan to spend less money than last year. Likewise, 3 in 5 (60%) admitted that inflation affected their Fourth of July plans. Additionally, 2 in 3 Americans (66%) say the country’s founding fathers would be turning in their graves and unhappy with the current economy.
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“Inflated prices for food, travel and other holiday essentials are making people rethink their plans,” Cassandra Happi, the site’s lead analyst, revealed.
Beyond budgeting, 7 in 10 people (70%) believe access to credit should be a basic American right. Making access to credit a basic American right was a common topic of discussion. Happi revealed that those who favored making it a basic right believed that “everyone can help people escape poverty.” Meanwhile, those who opposed it argued that “it could lead to greater financial problems such as excessive debt.”
“About 84% of U.S. adults already have at least one credit card, so easier access to more affordable credit seems to be what people are really looking for. People who have trouble getting approved for credit cards or traditional loans should They should consider options like secured credit cards and secured loans, which require collateral but are affordable for most people as a result. Credit cards and secured loans can help build the credit needed to borrow more in the future,” the financial expert noted.
61% of Americans felt financially independent on Independence Day this year, while 52% confirmed that their financial situation had improved since the Fourth of July last year.
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Although the previous survey paints a relatively optimistic picture of more Americans who don’t consider themselves financially independent, Happi noted that the number of people who answered positively to the question has actually declined from the 63% who felt financially independent in 2016 to 2023, according to the site’s Independence Day survey.
“While the economy has remained relatively healthy and has managed to avoid recession, persistent inflation and other difficulties have prevented a large percentage of the population from achieving financial freedom,” the analyst added. “The best way to improve your financial independence is to avoid spending beyond your means, allocate as much money as possible to paying down debt, and try to save at least a small amount of money each month in an emergency fund.”
However, they also confirmed that they had not quite reached the Holy Grail.
When asked what they most wanted to be free from, Americans named social media (27%), credit card debt (27%), and overeating (23%) as their top three vices. Eight percent also named alcohol or tobacco as their nemesis, while 7 percent chose student loan debt and another 7 percent chose television as the things they sought freedom from.
The finance website expert declared that credit card debt is “an issue worth paying attention to when the average household owes more than $10,000 to credit card companies.”