Inflation fuels nutrition gap among young consumers who ditch food to save cash, notes survey

02 Nov 2022 --- As inflation continues to soar globally, a survey conducted by the Nationwide Retirement Institute, US, reveals that almost a quarter of young people skipped meals or did not buy groceries because of high inflation. Meanwhile, the White House Conference on Hunger, Nutrition and Health recently implemented a plan toward a future free of hunger, diet-related diseases and health disparities.

The survey found nearly 40% of households received food or goods from a food bank (22% of Millennials) over the past year and a similar percentage (17%) stopped purchasing organic or high-priced healthy foods.

“As the price of health care and necessities continue to reach record highs, US citizens have been forced to make tough decisions that sacrifice their health and well-being,” says Kristi Rodriguez, senior VP of the Nationwide Retirement Institute.

“While these decisions are understandable and challenging, making short-term tradeoffs may have long-term impacts. Neglecting your health now can lead to far higher costs as you age and approach retirement. This is a critical time to consult a financial professional to create a plan that prioritizes your health care needs now and in retirement.”

Meanwhile, the United States Department of Agriculture’s (USDA) Food and Nutrition Service reported that “in 2021, around 10.2% of households experienced food insecurity.”

Ensuring food security
Keeping the momentum of the White House conference going, the USDA recently hosted the Come to the Table: USDA’s National Nutrition Security and Healthcare Summit.

Due to high inflation, nearly one in five US citizens say they skipped meals or did not buy groceries.Deputy under-secretary for Food, Nutrition and Consumer Services, Stacy Dean, indicated that the summit is the first of many.

More than 200 healthcare, federal and community leaders gathered to advance the conference’s goals of ensuring that all US citizens have access to nutritious foods that promote good health.

Hunger and diet-related diseases have significant impacts, especially on underserved communities, but both are almost entirely preventable, explained Tom Vilsack, US agriculture secretary.

“We don’t need to reinvent the wheel; we need to put solutions into action,” added Jim McGovern, a US House of Representatives member.

Healthcare organizations at the summit reported that they still screen their patients for food insecurity and refer them to the Supplemental Nutrition Assistance Program and the Special Supplemental Nutrition Program for Women, Infants, and Children (WIC), among other programs. NutritionInsight previously reported on the WIC program’s initiative to fill the nutrition gap in low-income communities in the US.

The World Food Programme recently called for financial support as it unveiled that global hunger and malnutrition levels are under a rapid accelerated red alert. Compared to 2019, acute food insecurity is reportedly up from 135 million to 345 million people.

Healthcare put on hold
The survey was conducted online by the Harris Poll, among 1,140 adults living in the US. The participants included 283 Gen Z, 285 Millennials, 286 Gen X and 286 Boomers.The Nationwide Retirement Institute survey found that US citizens have made difficult tradeoffs to combat high inflation that can harm their health.

Due to high inflation, nearly one in five US citizens (18%), including 28% of Gen Z and 23% of Millennials, say they skipped meals or neglected to buy groceries.

US citizens also struggle to cover essential medical costs as food insecurity increases. Due to high inflation, many people have postponed or canceled plans in the last 12 months to see a specialist (14%), take prescribed medication (10%) or get a yearly physical (11%).

In the last 12 months, nearly one-fifth of Millennials (19%) and Gen Z (17%) have canceled or delayed plans to see a mental health professional.

“People must utilize online tools and resources and leverage a financial professional. For instance, older adults could save money by reevaluating their Medicare plan during the open enrollment,” adds Rodriguez.

Due to high inflation, 14% say they are considering downgrading their health insurance plan to find additional savings. These proportions for Gen Z and Millennials rise to 23% and 20%, respectively.

To solve this, Nationwide’s Health Care Cost Assessment tool uses proprietary health risk analysis and up-to-date actuarial cost data to help financial professionals and clients estimate future medical and long-term care costs to guide these conversations.

By Nicole Kerr