Saving strategies change as inflation continues climb

Rising inflation has led to a significant change in the way Americans are saving money, according to a recent Nerdwallet survey, as 7 in 10 consumers said they’re switching up their penny-pinching habits.

The Bureau of Labor Statistics reported in June that inflation rose 8.6% over the last year.

The survey also found consumers are keeping more money in their checking accounts.

Chanelle Bessette, a personal finance and banking expert with NerdWallet, said some savers are choosing riskier alternatives like cryptocurrency.

“Even if folks have been trying to change around their savings strategy, to compensate for inflation, they actually could start looking into savings accounts again as an option because rates have started going up,” Bessette said.

Bessette said it’s important for consumers to keep cash on hand in case of an emergency and to shop around for the best interest rate.

She added that is important to keep comparison shopping for the next several months if interest rates change, to make sure you’re getting the best return on your money.