Nearly Half of Alabamians Cut Grocery Spending as 40% Borrow for Basic Bills
Updated
Updated · AL.com · Aug 19
Nearly Half of Alabamians Cut Grocery Spending as 40% Borrow for Basic Bills
2 articles · Updated · AL.com · Aug 19
Summary
Nearly half of Alabama residents surveyed said they spent less on groceries over the past year, making food the most common cutback as households tried to save money.
29% canceled subscriptions, 27% used savings, 27% took second jobs, and 20% delayed medical or dental care, showing cutbacks extended beyond discretionary spending.
40% borrowed money to cover rent, bills, groceries and gas; among those borrowers, about two-thirds relied on relatives and 28% used buy-now-pay-later services.
Nearly half had no emergency savings, and among those with a fund, just 40% had $1,000 to $5,000 saved.
69% said financial security is harder to achieve than five years ago, and one in six said they do not expect to ever reach it.