LOS ANGELES, June 16 (Xinhua) -- A new survey found 67 percent of Americans are blowing through savings to cope with inflation, Forbes reported earlier this week.

       The Forbes Advisor survey of 2,000 U.S. adults, conducted online between May 25 to 27 by market research company OnePoll, showed 8 percent of respondents have completely drained their savings, while 23 percent have depleted a substantial amount of the money they'd saved.

       Around 36 percent of respondents say they have spent a small amount from their savings, according to Forbes.

       Inflation is hurting workers, with wages not able to keep pace. From May 2021 to May 2022, real wages adjusted for inflation dropped 3 percent, widening the gap between earnings and costs of goods and services, said the report.

       Add to that rising consumer debt - 266 billion U.S. dollars more just from the fourth quarter of 2021 to the first quarter of 2022 - and it's probably no surprise that savings are shrinking, the report noted.

       People of all ages report dipping into their savings because of inflation, but older respondents are more likely to have left their funds intact even amid higher prices, the report revealed, adding that two-thirds of those 77 or older say they haven't been touching their savings, the highest of any group.