Majority of U.S. households preparing for potential recession

NEW YORK, Oct. 20 (Xinhua) -- New research suggested that a majority of U.S. households are taking the possibility of an economic recession seriously, reported CNBC.

Eighty-four percent of respondents showed their concerns about a recession coming before the end of the year, and 76 percent said they are making lifestyle changes to prepare for the potential recession, according to financial group BMO's latest Real Financial Progress Index.

Seventy-four percent of Americans said their concerns about inflation have increased, with persistently high inflation taking a toll on the U.S. household budgets and causing job and income losses.

The survey was conducted from July 27 to Aug. 29 among roughly 3,400 U.S. adults.