High Gas Prices Leading To Major Change For Majority Of Americans’ Spending Habits, Study Finds

No one is immune to the higher prices at the gas pump these days, but those who are hourly workers have been feeling it the hardest, and with the change that it has caused in their wallets, more than 80% have been forced to change their spending habits as a result.

According to a new Harris Poll commissioned by DailyPay and Funding Our Future, the effects of inflation and high gas prices have led to 81% of hourly workers cutting into their ability to pay for other things. 77% also responded that financial stress was taking a toll on their health, while 22% reported that to try and help bridge the gap and ease their finances, they have taken out payday loans.

The survey also found that 4 in 10 hourly workers with a household income of less than $100,000 are saving less than they did a year ago or not at all, while 39% of women who receive an hourly wage are also saving less than last year.

The numbers come as gas prices have started to come down again, though the Automobile Association of America (AAA) still tallies the national average at $4.90 per gallon, with California still registering the highest average price in the country at $6.32 a gallon. An additional 12 states also still register averages over $5.00 per gallon.

Prices are expected to jump once again over the summer, as markets are still volatile and unexpected events such as major hurricanes hitting Gulf Coast refineries could cause a massive spike in prices.

Many Americans are expecting a jump even sooner due to the July 4th holiday, and an expected jump has led to many calling for a gas boycott over the holiday weekend.

The news also comes on the heels of another survey that showed inflation in general is hitting hard on even some of the highest income earners, with those making $100,000 or more start to report that they were living paycheck to paycheck.