A quarter of Americans have had to pull back on saving for retirement because of persistent inflation, new data shows, potentially derailing their long-term financial goals for years to come.
In 2022, almost half of those who trimmed their savings, or 12%, stopped putting money away for retirement altogether, according to an annual conducted jointly by the Global Financial Literacy Excellence Center at the George Washington University School of Business and the Teachers Insurance and Annuity Association of America Institute.
Broken down by race, Hispanic Americans' retirement savings plans took the biggest hit. They were twice as likely to stop saving while grappling with higher prices, such as gas, the researchers found. Hasler notes that's in part because a large share of Hispanic workers use cars to get to work.
Even temporarily halting regular contributions to retirement savings accounts can hurt, particularly for younger workers who can expect to see money they put away today grow the most over time.
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