Financial Security Index
Financial Security Index
smart spending
May 2011: Gas prices

May 2011 Financial Security Index » Gas Prices

Q:

Since the beginning of 2011, have you cut back on nonessential spending, such as vacations or dining out, specifically due to rising gas prices?

Households with income above $75,000 were least likely to have cut spending, at 45 percent.
In households earning less than $50,000, 72 percent reported cutting spending in other areas due to higher gas prices.
Among age groups, respondents aged 18 to 29 were most likely to have cut spending, at 65 percent, versus only 59 percent for respondents 65 and older.
Greg McBride

"A renewed increase in gas prices would add to inflation and be a further drag on economic growth."

While 63 percent of Americans have cut back on nonessential spending due to higher gasoline prices, it is highest for households with incomes under $50,000, at 72 percent. The sensitivity to gasoline prices voiced by Americans cuts both ways. Any sustained pullback in prices would ease inflation pressures and be a boost to the economy, but a renewed increase in gas prices would add to inflation and be a further drag on economic growth -- a double-whammy as Ben Bernanke calls it.

- Greg McBride, CFA, Bankrate senior financial analyst

« Back to the Financial Security Index poll.

advertisement

Show Bankrate's community sharing policy
          Connect with us
REFINANCE HOME EQUITY AUTO CDs CREDIT CARDS
Product Rate Change Last week
30 year fixed refi 4.08%  0.04 4.12%
15 year fixed refi 3.18%  0.03 3.21%
10 year fixed refi 3.21%  0.04 3.25%
 
View Rates in your area Next
Product Rate Change Last week
30K FICO-based HELOC 4.30%  0.03 4.27%
50K FICO-based HELOC 3.96%  0.01 3.97%
100K FICO-based HELOC 3.81%  0.01 3.82%
 
View Rates in your area Next
Product Rate Change Last week
60 month used car loan 2.75%  0.10 2.85%
48 month used car loan 2.99%  0.07 3.06%
60 month new car loan 3.20%  0.05 3.25%
 
View Rates in your area Next
Product Rate Change Last week
1 Year CD 0.99%  0.01 0.98%
2 Year CD 1.22%  0.02 1.20%
5 Year CD 1.87%  0.04 1.83%
 
View Rates in your area Next
Product Rate Change Last week
Balance Transfer Cards 15.76%  0.01 15.77%
Cash Back Cards 16.44%  0.04 16.48%
Low Interest Cards 11.04% --0.00 11.04%
 
Next
advertisement
FRUGAL NEWSLETTER

Discover new ways to cut costs and save more every day. Reduce your spending, not life’s pleasures. Delivered weekly.

advertisement
Partner Center
advertisement

Connect with us