Finance
Americans tap into savings as they struggle with inflation: survey
Americans can’t save because they struggle to meet basic spending needs. (iStock)
Americans are borrowing from their savings or taking other measures to make ends meet under the pressure of inflation, a recent survey said.
More than a quarter (26.1%) of Americans have to withdraw money from savings – including retirement accounts – or sell off assets to meet basic spending needs, according to the Help Advisor survey. Moreover, 11.5% have had to tap family and friends to access capital for routine spending.
The survey said inflation and rising prices are reasons Americans tapped savings or resorted to other methods to cover basic spending needs. U.S. inflation is cooling some after hitting a 40-year high in 2022, but Americans are still dealing with rising gas costs, high food prices, and out-of-control housing costs.
More than half of Americans (55% of respondents) said in a recent Gallup survey they worried “a great deal” about inflation, with another 24% saying they worried “a fair amount.” In addition, 52% of Americans believe inflation is a bigger problem facing the US today than unemployment, immigration and crime.
“Post-COVID-19 inflation has taken a toll on Americans’ pocketbooks,” the HelpAdvisor survey said.
If you are struggling with high inflation, you could consider taking out a personal loan to pay down debt at a lower interest rate, reducing your monthly payments. Visit Credible to find your personalized interest rate without affecting your credit score.
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Housing inflation
High home prices and mortgage rates continue to crowd out many homebuyers as mortgage rates hover between 6.5% and 7%. While the Federal Reserve has said that the plan to reverse interest rate hikes is still in the works, the timeline for when those cuts will begin remains unclear. A reversal in interest rates is crucial in creating more affordability for buyers who are also dealing with record home price gains.
However, housing supply is improving, according to a recent Redfin report. New listings rose 13% from a year earlier nationwide during the four weeks ending March 3, the most significant increase in nearly three years.
Home prices have also lost some momentum. Roughly 5.5% of home sellers dropped their asking price, the highest share of any February since at least 2015, while the share of affordable homes on the market has increased, according to Redfin.
If you want to become a homeowner, you could still find the best mortgage rates by shopping around. Visit Credible to compare your options without affecting your credit score.
MILLENNIALS ARE DESPERATE TO BUY A HOME, MOST WILLING TO PAY A MORTGAGE RATE ABOVE 7%: SURVEY
Interest rates stay higher for longer
The Fed responded to record-high inflation by aggressively raising the federal funds rate 11 times to a 23-year high of about 5.4%. This policy helped bring inflation down to 3.2% in February from a peak of 9.1% in June 2022.
While it is largely expected that the Fed will begin to dial back interest rates as inflation continues to moderate, the timeline on cuts is being pushed further into the distance to give inflation more time to reach a 2% target rate. Fed officials anticipate at least three rate cuts for 2024. Federal Reserve Chair Jerome Powell said that the central bank will continue to monitor inflation and other economic indicators to determine when to lower rates. Lowering them too soon would bring the risk of bringing inflation back while holding back too long poses a risk to economic growth, Powell explained.
“We believe that our policy rate is likely at its peak for this tightening cycle and that, if the economy evolves broadly as expected, it will likely be appropriate to begin dialing back policy restraint at some point this year,” Powell said in a statement. “The economic outlook is uncertain, however, and we remain highly attentive to inflation risks. We are prepared to maintain the current target range for the federal funds rate for longer, if appropriate.”
If you’re worried about the state of the economy, you could consider paying down high-interest debt with a personal loan at a lower interest rate. Visit Credible to speak with a personal loan expert and get your questions answered.
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Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at [email protected] and your question might be answered by Credible in our Money Expert column.
The uranium trade’s shelf life may last years.
According to Sprott Asset Management CEO John Ciampaglia, a “real shift” upward is underway due to increasing global energy demand — particularly as major tech companies look to power artificial intelligence data centers.
“We’ve been talking about uranium and nuclear energy non-stop for four years at Sprott, and we’ve been incredibly bullish on the segment,” he told CNBC’s “ETF Edge” this week.
Ciampaglia’s firm runs the Sprott Physical Uranium Trust (SRUUF), which Morningstar ranks as the world’s largest physical uranium fund. It’s up 22% over the past two months.
The firm is also behind the Sprott Uranium Miners ETF (URNM), which is up almost 38% over the past two months. The Sprott website lists Cameco and NAC Kazatomprom JSC as the top two holdings in the fund as of June 12.
“It’s [uranium] a reliable form of energy. It has zero greenhouse gases. It has a very good long-term track record,” Ciampaglia said. “It provides a lot of electricity on a large scale, and that’s right now what the grid is calling for.”
Ciampaglia finds attitudes are changing toward nuclear energy because it offers energy security with a low carbon footprint. Uranium is “incredibly energy-dense” compared to most fossil fuels, he said, which makes it a promising option to ensure energy security.
He cited the 2022 energy crisis in Europe after Russia cut its oil supply to the region and April’s grid failure in Spain and Portugal as cases for more secure energy sources.
“We think this trend is long term and secular and durable,” Ciampaglia said. “With the exception of Germany, I think every country around the world has flipped back to nuclear power, which is a very powerful signal.”
‘You need reliable power’
VanEck CEO Jan van Eck is also heavily involved in the uranium space.
“You need reliable power,” he said. “These data centers can’t go down for a fraction of a second. They need to be running all the time.”
His firm is behind the VanEck Uranium and Nuclear ETF (NLR), which is up about 42% over the past two months. According to VanEck’s website as of June 12, its top three holdings are Oklo, Nuscale Power and Constellation Energy.
But he contends there’s a potential downside to the uranium trade: Building new nuclear power plants can take years.
“What’s going to happen in the meantime?” Van Eck said. “Investors are not patient, as we know.”
Van Eck also thinks it’s possible the Trump administration’s positive attitude toward nuclear power could fast track development.
He highlighted nuclear technology company Oklo during the interview. Its shares soared on Wednesday after the company announced it was anticipating a deal with the Air Force to supply nuclear power to a base in Alaska.
The agreement came not long after President Donald Trump in May signed a series of executive orders to rework the Nuclear Regulatory Commission, expedite new reactor construction and expand the domestic uranium industry.
“Trump controls federal land, so that’s not a NIMBY [not in my backyard] kind of potential risk,” said Van Eck. “They’re going to leverage that hard to start to show the safety of these newer, smaller technologies.”
Finance
Amazon is selling an $800 portable power station for $550, and shoppers 'love the mobile design and durability'
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Camping is a fun summer activity. What’s not fun is having no access to electricity. You can’t charge your phone, watch TV, or make your morning cup of coffee. Thankfully, portable power stations allow you to do all that and more. It’s literally like bringing along a giant battery for all of your electronics. Portable power stations are also good to have around your home in case of power outages.
There’s just the problem of price. Portable power stations are notoriously expensive, especially ones that have a larger energy storage capacity. The good news is that we were able to find a solid deal on a 1,056-watt-hour (or 1 kilowatt-hour) power station. This $800 Anker Solix C1000 Portable Power Station is $550 at Amazon for a limited time. At 31% off, you’re saving $250.
Anker Solix C1000 Portable Power Station, $550 (was $800) at Amazon
The Anker Solix C1000 features a power output of 1,800 watts, making it strong enough to handle multiple electronics and small appliances at once. It has 11total power ports. You get two USB-A and USB-C ports, a car socket, and six AC outlets. Additionally, it also functions as a night light and has a handle for easy carrying. It weighs about 28 pounds.
Now let’s talk about charging. There are two ways you can charge the Anker Solix C1000. The first way is just by plugging it into a standard AC wall outlet. Or if you have the portable solar panels (sold separately), you simply connect the wires and place the panels in the sun. When plugged into an AC outlet, your power station can be fully charged in about an hour. If you charge up with solar, it’ll likely take around two hours. The digital display on the front of the power station shows you the battery and charging status.
Shoppers have found multiple uses for this portable power station. “We bought it mainly for short power outages and to run our refrigerator, but it will have many other uses for sure,” one shopper said. “Just this past week, I had to do some repairs to our floating dock, and there is no extension cord long enough to reach, so I brought this Anker Solix C1000 and it powered our two saws and drills without any issue at all. It’s very cool and has lots of different outlets. Very impressive unit!”
Others say they get daily use out of it. “I love it. I use it every day. I am traveling and camping everywhere,” one shopper shared. “I use it to power a car mobile refrigerator, a little portable air conditioner, and of course, my iPhone and other electronics, and sometimes an electric stove. It can take on all tasks with no problem. I love the mobile design and durability.”
You don’t need to be ‘roughing it’ the next time you go camping. Consider grabbing the Anker Solix C1000 Portable Power Station to keep all your devices charged and bring along a few essentials for the kitchen or living room. You’ll feel like you never left home.
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