Americans most concerned about food costs: survey

More Americans are worried about food costs than any other expense as inflation lingers, according to a new poll. 

A poll from Quinnipiac University showed on Thursday that 22 percent of American respondents said food costs are their biggest personal financial concern. Retirement savings came in second with 18 percent, followed by health care costs with 17 percent and mortgage or rent payments with 13 percent. 

The most pressing financial concerns varied by age group. 

The most common top financial concern for those 18 to 34 was rent or mortgage payments with 23 percent saying so, while the second most common was college tuition with 20 percent. Almost a quarter of those 35 to 49 years old listed food as the top concern, while 17 percent said it was retirement savings. 

A quarter of 50- to 64-year-olds said retirement savings was the biggest concern, while 23 percent cited food costs as the top concern. More than a quarter of those 65 and older said retirement savings is the most pressing financial worry, and 22 percent said food costs are the biggest. 

Osman Kilic, a professor of finance at Quinnipiac School of Business, said in a release that “persistent” inflation, rising interest rates and a “volatile” stock market “are likely contributing to worries about everything from putting food on the table to getting medical care.” 

The Federal Reserve has aggressively raised interest rates over the past year to try to lower inflation to its target of 2 percent. The Fed raised rates again by 0.25 percentage points last week as the annual inflation rate stood at 6 percent as of earlier this month. 

Kilic said one positive from the poll results was that losing their job was at the bottom of respondents’ list of concerns. 

The unemployment rate has remained low despite the comparatively high prices, standing at 3.6 percent. The Fed projects that the unemployment rate will rise to 4.5 percent by the end of the year as it battles inflation. 

The poll was conducted from March 9 to 13 among 1,795 U.S. adults. The margin of error was 2.3 points.