As European governments struggle to contain the fallout of soaring energy costs to their citizens, the U.S. may also be facing a brewing crisis with an estimated 20 million households struggling to pay their utility bills.
Representing one in six households, the eye-popping number comes from a study at the National Energy Assistance Directors Association that was highlighted in a Bloomberg report earlier this week. The total amount in arrears amounted to $16 billion in June, just under the highest number so far this year — $16.5 billion in March.
And for households whose annual income falls in the lowest 20%, the yearly cost of home energy increased from $2,511 in 2019 to $3,044 last year, according to U.S. data. The rise in the cost of living was at a 40-year-high at 8.5% in July compared to the year before. Grocery prices continued to soar — the price increase was 13.1% compared to the same period last year. Many Americans reported they have already dipped into savings to pay for bills and bought smaller package sizes and cheaper alternatives to cut down on costs.
Rural people are paying $2,470 per year more for gasoline and diesel fuels than they did two years ago, while urban dwellers are paying $2,057 more, according to the report. Many parents in lower-income households said they were doing a lot better financially last year because of the expanded child tax credits. The share of Americans who said they were able to cover $400 in emergency expenses, using cash or its equivalents, reached a 9-year-high, according to a Federal Reserve report, based on the annual national Survey of Household Economics and Decisionmaking that was conducted last fall.
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