NEW YORK (1010 WINS) – The rising cost of eggs and nearly every other grocery item is putting a financial strain on New Yorkers, forcing more than half to take on additional debt just to afford food, according to a new survey.
Fifty-three percent of New Yorkers have taken on more debt in the past 12 months directly due to rising food costs, according to the survey by No Kid Hungry New York.
"We heard from families who said they are taking money out of their 401k," said Rachel Sabella, director of No Kid Hungry New York, who told 1010 WINS that the survey of 1,596 New Yorkers found many residents are making tough financial sacrifices. "They have maxed out credit cards in order to pay these prices for food."
The report also found that 86% of New Yorkers say food costs are rising faster than their income, consistent with last year’s findings, when 85 percent reported the same concern.
The crisis comes at a time when federal funding for critical food assistance programs, including SNAP, free school meals, and summer food assistance, is under threat from budget cuts.
The financial strain is also taking a toll on New Yorkers' well-being. The survey found that 63% reported a decline in their mental health, while 52% said their physical health has suffered over the past year due to food insecurity.
The burden is especially severe for Hispanic families, with 73% taking on additional debt in the past year to feed their families. Additionally, 68% t of Hispanic families reported worsened physical health due to rising food costs, according to the survey.
At the same time, federal cuts to SNAP, free school meals, and summer food assistance programs are looming, a move that 62% of New Yorkers oppose, according to the poll.
Opposition to these cuts was particularly strong in the Hudson Valley (65%) and Long Island suburbs (55%).
With rising costs and food assistance at risk, many New Yorkers are bracing for even tougher financial decisions ahead.