Personal finances are a major source of stress for about half of the lower income households in the U.S., a new poll shows, illustrating the toll of high inflation and economic uncertainty on those who can least afford it.
March 24, 2023, 2:08 PMThe likeness of George Washington is seen on a U.S. one dollar bill, Monday, March 13, 2023, in Marple Township, Pa. –
“There’s no comfort zone in their finances — no vacation. They’re just getting by,” she said. “Medications are expensive. Groceries. No one’s living large or having fun. They should be having fun.” The poll also finds that people in households earning at least $100,000 annually were more likely than lower income earners to predict their finances will improve in the year ahead, 39% to 26%. By contrast, people in lower income households were more likely than those earning more to expect their financial situation to worsen, 28% to 18%.
The AP-NORC poll finds that just 1 in 10 of those in households making less than $60,000 a year say their savings have increased over the past year, while about 6 in 10 say their savings have decreased. “We’re in a position where we don’t have to travel a ton, so gas and car expenses aren’t huge,” he said. “With our family growing, we do feel inflation in the cost of diapers, food, and clothes. We've just had to adjust to keep things in our budget. We work around it as much as we can.”
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