Amid rising inflation, many Texans are being forced to make difficult financial decisions. For example, Benjamin Gibson, a resident of San Antonio, makes more than $100,000 a year and owns a home. However, he struggles to afford the necessities of life, such as food and gas. "When you are used to spending a couple of dollars on fruits and vegetables, and then you're paying a lot more, it stresses you out," he said during an interview with CNBC. "I actually went to the dollar store for asparagus."
The rising cost of living is forcing lots of Americans to make hard financial choices, such as canceling streaming service subscriptions and spending less money at restaurants. According to a survey conducted by Momentive for CNBC and Acorns, 36% of people in the United States are considering cutting subscription services like Netflix to save money. It's also worth noting that 53% said higher prices have forced them to cut back on dining out. Put another way, inflation forces people around the country to rethink their current lifestyles due to the rising cost of living.
"The overwhelming majority of adults (76%) say they're worried higher prices will force them to rethink their financial choices in the coming months," said the survey. It's also worth noting that more than half of respondents are currently under more financial stress than they were a year ago.
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