economy
As gas prices top $4 a gallon, financial advisors share advice for clients to 'turn a frustrating line item into meaningful rewards'
The ongoing war in Iran is driving up gas prices for Americans. Here's how financial planners are advising their clients.
TL;DR
- Gas prices have increased over 30% since Feb. 28, with the national average exceeding $4 per gallon.
- The conflict between the U.S. and Iran has disrupted oil flows through the Strait of Hormuz, impacting global supply and raising prices.
- Rising gas prices disproportionately affect lower and middle-income earners, impacting their financial stability.
- Financial advisors suggest using rewards credit cards or loyalty programs to earn benefits on gas purchases.
- Consumers are advised to cut back on discretionary spending, such as dining out and impulse purchases.
- Optimizing vehicle maintenance and driving habits can improve fuel efficiency and reduce costs.