Siena survey shows New Yorkers are increasingly worried about their personal finances
Inflation and the war in Ukraine are on the minds of many people these days, and that combination is having an impact on the personal finances and way of life for many New Yorkers. That's according to a new survey from Siena College, which found 69% of those polled said they will buy less in general in response to price increases due to inflation.
Siena College Research Institute Director Don Levy said that 35% of respondents say they plan to get a second job to help deal with the increased costs.
"When one out of three New Yorkers tell us that they're looking for another source of income, that number jumps off the page,” he said.
The Siena poll also found that more than half of New Yorkers, 54%, said the war in Ukraine and the international response will lead to long-term economic problems, and Americans will face financial difficulties for years to come.
About a third think the war will end soon, and their finances will be largely unaffected.
Levy said that 70% of those surveyed said inflation has had either a very or somewhat negative effect on their personal finances. But he noted that figure could grow when you look at the current state of gas and food prices.
"And there in both cases, we see 80 to 87% of New Yorkers saying that they're concerned about those prices. Gas prices, it's even a greater concern amongst upstaters,” Levy said, noting that 56% of upstate residents say they are very concerned with the cost of gasoline.
Levy also said the findings from this survey obviously concern business owners as well, who had been hoping the easing of the COVID-19 pandemic would see their businesses be on firmer financial footing.
“Certainly our friends in the business community, most especially retail, food and beverage, we're looking for consumers to come back and to spend again,” said Levy. “And if indeed there is a concern and that spending is slowed, then that's going to slow the overall recovery of our economy.”