The Sconi

According to a new index, a rising number of Wisconsinites will need to delay retirement to allow more time to build up funds due to rising consumer costs, which are inflating the cost of living around the country.

The index – called the BMO Real Financial Progress Index – was conducted by BMO Harris Bank and examined spending and savings habits. In a news release about the results of the index, BMO Harris Bank said 25% of Americans will need to delay their retirement.

"Prices across the board – from cars and gasoline to groceries and other everyday essentials – are rising at the fastest pace since the 1980s," Paul Dilda, head of consumer strategy at BMO Harris Bank, said in the release. "Consumers must think differently about their finances in this inflationary environment."

According to the news release, nearly 60% of respondents said that inflation had adversely affected their personal finances. In total, 36% of all Americans say they have reduced their savings and 21% say they have reduced their retirement savings. Reportedly 60% of adults aged 18-34 have had to reduce contributions to their savings.

The index is a quarterly examination that measures Americans' sentiments around financial confidence. The latest study was March 30-April 25, according to the news release.

In Wisconsin, 20.1% of the population falls in the 18-34 age range and have been affected heavily by rising costs and general inflation, according to KFF. 

The index is backed up by the results of other surveys and studies. According to the Wall Street Journal, a NORC survey at the University of Chicago revealed 83% of Americans describe the state of the economy as "poor" or "not good." Reportedly 35% said they aren't satisfied with their financial situation.

The Wall Street Journal reported these numbers show the highest level of dissatisfaction since NORC began asking the question every few years since 1972.

All of this weighs heavily on the Biden administration. Inflation has risen every month since Biden first entered office in January 2021, according to an NBC News report. NBC also noted consumer confidence has been on a downward trajectory since the president took office, according to the University of Michigan Consumer Sentiment Index.