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A new study testing Americans’ understanding of fundamental economic terms found that although seven in ten individuals are confident of their knowledge of supply chain issues, only 59% know what it means. 

Supply chain disruptions have impacted the cost of living for Americans 

OnePoll conducted the Study for WithSecure, evaluated 2,000 adults and asked them about their views regarding supply chain problems. Approximately 45% of the respondents say that supply chain issues have impacted their lives by affecting the cost of living, jobs, and finding basic products. Because 48% of Americans believe they couldn’t live without electronic gadgets and 46% believe Wi-Fi is a must, almost 50% of Americans believe their basics involve electronic devices. In addition to water and food, people also cannot live without medication (55%), power (53%), and fuel (51%).

One thing that is hard to find for some is baby formula, while others indicate that they have had to significantly cut spending on groceries. 

Interestingly Americans buy almost a third of their essential stuff online, with those between 35 and 44 purchasing most of their essentials online. Moreover, the survey indicates that things are about to change as two in five Americans sound optimistic about the global supply chain disruptions improving.

The majority of Americans understand inflation.

It is vital to note that things won’t change overnight, and a third of Americans say that the supply chain issues will likely continue for the next two years. Furthermore, although 30% of people believe things will worsen, another 30% expect the situation to remain unchanged. 

Very few people (41%) know what determines the prices of products and services, and only 45% of Americans know what determines fuel prices. However, most Americans understand what recession and inflation are, with 55 and 64% picking the correct explanation of inflation, respectively.

Most people across all generations are informed about economic aspects such as inflation and the supply chain. Older people look to the TV or the internet about major events and politics, while most younger generations look at podcasts and newspapers for news.