Inflation Has Americans Changing Their Life—and Spending—Plans

Americans are feeling financial pressure, and delaying some life plans as a result.

Over three-quarters of Americans say they are cutting back spending, up from 67% a year earlier, and more than half said they may put off some spending plans to account for a changing economic climate, according to the 2025 Wells Fargo Money Study.

That includes plans to travel—which roughly three-quarters of survey respondents said they were putting off—relocate, renovate or buy a home, further education, get married, or retire.

So-called sticker shock is also still very real for 90% of Americans, who according to the study say prices on things like eating out, gas, bottled water and concert tickets remain significantly higher than they’d expect. More than half of those surveyed said they have more debt than they feel comfortable with.

US consumer confidence, as measured by the Conference Board, fell further than Americans expected in February, with Americans also lifting their expectations for inflation in the year ahead.

“Consumer behaviors are shifting,” said Michael Liersch, head of advice and planning at Wells Fargo, in a statement. “The value of the dollar and what it is providing may not be as predictable anymore, which seems to be more pronounced for younger Americans. There is a clear social narrative surrounding the question: ‘do I, and will I, have enough?’”

Wells Fargo surveyed nearly 4,000 American adults and teens in September and October for its report.