Americans are dipping into their savings to manage continuing inflation. But doing so now could have a long-term impact on their financial health.

Twenty percent of Americans have drawn from savings more in the last few months than they typically do, according to the latest Forbes Advisor-Ipsos Consumer Confidence Biweekly Tracker. And 20% said they’d spent more money in the past few months than they usually do.

Those rates have been steady since Forbes Advisor and Ipsos first asked participants about their spending and saving habits in December, indicating that households continue to turn to savings to manage rising costs.

However, 21% of respondents said they’ve paid off their loans or credit less than they usually do.

The survey, conducted by Ipsos, measures consumer sentiment over time.

Chris Campbell, chief strategist at corporate risk consulting firm Kroll, explains that direct aid to American households during the pandemic gave the average American family a bit of a cushion in savings. But people started drawing from their savings accounts in the later stages of Covid last year.

“The average American family is having to make difficult decisions,” Campbell says. “They’re not getting paid more, but they’re facing [price] increases in staples, like gas and food.”

Read more: Gas Prices Soar To Over $4 Per Gallon. Here’s How To Save At The Pump

High gas prices continue to strain consumer budgets. Digital wealth management company Personal Capital says its average user spends $14 more each time they fill up at the pump, based on anonymized data provided to Forbes Advisor.

Keri Danielski, head of communications for personal finance management company Mint, also noted increases in gas and fuel spending among Mint user data. But not all users are feeling those price increases at the same level. “[Locations] where spending declined are largely metro areas where public transportation and other alternatives to driving, like ride-sharing, are common,” she says.

Americans who don’t need to spend on gasoline may still be feeling a pinch due to rising utility costs. There’s been a 9% increase in electricity costs between February 2021 and February 2022.

While the Federal Reserve is raising rates to tamp down inflation, Campbell says external factors like supply chain issues and the Russian war on Ukraine are beyond the Federal Reserve’s control. And they’re significant contributors to rising prices in some categories, such as fuel.

Jobs Optimism Continues to Lift Overall Consumer Confidence

But though inflation is likely to stick around for a while, consumers still feel some optimism. Ipsos’ jobs index increased about a point to 67.3 this week, and it’s the highest of all the subcategories the survey tracks.

Today, the Department of Labor announced the unemployment claims filed last week dropped to its lowest volume since 1968.

And though March’s unemployment rate dropped slightly, coming back in line with pre-pandemic unemployment levels.

Consumers’ confidence in their job security and employment outlook has held steady over the past few months.

Though initial wage spikes as the economy reopened after Covid shutdowns have calmed, Campbell says strong wages and plentiful job opportunities are helping many households manage rapid inflation.

But if job growth slows down, Campbell warns, wages typically end up going down, too. After all, if lots of people are looking for work, employers may not need to offer competitive wages to attract applicants. If that happens, many Americans could struggle even more to come up with the cash needed for essentials.

And if Americans are dipping into their savings accounts now, making ends meet could become more difficult as inflation drags on. Rising central bank rates will increase interest rates on credit cards and loans, just when some households may need to turn to these tools to make ends meet.

Survey methodology: Ipsos, which surveyed 933 respondents online on April 4 and 5, provided the results exclusively to Forbes Advisor. The survey is conducted biweekly to track consumer sentiment over time, using a series of 11 questions to determine whether consumers feel positively or negatively about the current state of the economy and where it looks to be going in the future.