BAKERSFIELD, Calif. (KERO) — Consumers are tired of seeing prices rise for essentials, while the stock market has also been affected, causing some investors to worry. Both are forcing consumers to budget their wants and needs.
- Financial advisers suggest consumers see it through and don't sell their stocks regardless of the recent changes in the market.
- Some consumers are taking on second jobs just to keep their families afloat.
- Consumers are seeing grocery bills increase close to $100 more for the same items.
BROADCAST TRANSCRIPT:
I'm Eric J. Dockery your Bakersfield neighborhood reporter, and I'm here at the Walmart Supercenter at the East Hills Plaza. Where consumers tell me it's hard to cope with the continuous rise in prices. To make matters worse, the financial experts say... "No one can say when things will get any better."
The economy continues to tank as a result of geopolitical forces, with Trump's tariffs playing a major role. The end result for consumers is that their money doesn't buy as much as it once did.
Mark Slocumb Consumer said "One week you spend $50 a week and the next its $80 just for gas, everything is going up around here. They say its all of these jobs out here and their not… I have two healthy boys and its hard to find work for them."
Sherod Waite CEO & Founder of Money Wise said "It's important to remember that the US economy has always gone through cycles. The business cycle goes up and down, and we always have geopolitical or political events that disrupt the markets. Unfortunately, it's a nature part of the stock market and it's a natural part of our economy shrinking and growing. "
Waite tells me "Anybody who is close to retirement or in retirement should be very careful with how much of your money is in more volatile risky investments like stocks."According to some consumers they tell me that they started to cut back on their wants and focusing on items they need to survive.
Taylor Consumer said "Its affected us quite a bit. Our grocery bill has gone from $300 a month to $500 a month now. I noticed when I go shopping things are close to $2 more than before. Then it seems like its starting to go down a little bit and then it just goes back up even higher than it was before."
Most recently the stock market has seen multiple shifts within the last couple weeks. So what can consumers do to stay above water? Stocks are starting to drop but financial advisers say it's best not to sell.
"It turns out that stocks are on sale right now. It may be painful cause your value is going down. A lot of the stocks that we were holding just a few months ago are 10-20% cheaper today so their opportunity." said Waite
Todd Albright Consumer"Stay in their long term, it will go back up. Tariffs are reactionary and you're going to have this problem, but you are going to need the stock market unless you are doing insider trading which majority of us don't. Unless you have a crystal ball you are in it for the long term."
These issues affect all of us, consumers say if we want a change we have to speak up and vote. For 23ABC I'm Eric J. Dockery your Bakersfield neighborhood reporter.
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