Some Americans may be skipping their annual Thanksgiving Day dinner this year, due to the rising cost of food.
According to a recent survey by Personal Capital, one in four Americans say that they plan to skip Thanksgiving dinner this year to save money. Additionally, one in five Americans said that they doubt they will have enough money to cover the costs of Thanksgiving dinner this year, Fox News reports.
And those who do still plan to celebrate Thanksgiving, 33% plan to spend less money than usual on their annual feast.
Americans have been feeling the difficult financial pressures caused by inflation since early 2021, when the annual rate of inflation began to tick upwards. The annual inflation rate, which normally clocks in at 2% or less, hit a 40-year-high of 9.1% in June 2022. This means that the average cost of a good or service was 9.1% high in June 2022 than it was the year prior.
In particular, the rising cost of food has been one of the main contributors to the rise in inflation. This includes food traditionally consumed at Thanksgiving, including the following:
- Turkey prices have increased 24%.
- Fresh potatoes will cost 20% more.
- Salads will cost 9% more.
- The price of cranberry sauce has risen 18%.
- Depending on the kind of pie you’re making, the price for key ingredients like eggs and butter have shot up between 23 and 75%.
According to the research firm IRI, the price of Thanksgiving dinner will cost 13.5% more this year when compared to October 2021.
Americans have been struggling financially for the past couple of years, with inflation and the 2022 recession as the largest causes. In Q3 2022, total household debt rose by $351 billion to reach a new record $16.51 trillion. The amount of credit card debt increased 15% year-over-year, marking the largest increased in over two decades.
Tragically, rising costs place added stress on marriages. According to one 2018 study, financial troubles are the second leading cause of divorce, behind infidelity.
“Both high levels of debt and a lack of communication are major causes for the stress and anxiety surrounding household finances,” the study found.
Previously, the Daily Citizen spoke with Craig Constantinos, MA, LPCC, Counselor in the Counseling Services Department at Focus on the Family.
“Stress and anxiety about the economy can often lead to frustration and conflict in marriages,” Constantinos said. “Finances is one of the areas where different perspectives are most obvious.”
“Having a grace-filled conversation about budgets and spiritual and financial goals can lead to deeper understanding in a marriage, which can turn the challenge of financial uncertainty into an opportunity to build one’s relationship with God and their spouse.”
Will you still be celebrating Thanksgiving this year? If so, are you planning to slim down your dinner because of inflation?
If you’re struggling and need to speak with someone, Focus on the Family offers a free, one-time counseling consultation with a licensed or pastoral counselor. To request a counseling consultation, you can call 1-855-771-HELP (4357) or fill out our Counseling Consultation Request Form.
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