A new survey published this week found that a majority of middle-class Americans are feeling pessimistic about their finances as they face high inflation.
A majority of middle-class Americans are experiencing financial hardship that they expect will continue for the rest of their lives, according to a new poll. Findings published by the National True Cost of Living Coalition show that 65% of Americans whose incomes are 200% above the national poverty line – which is about $62,300 for a family of four, often considered middle class – said they are struggling financially.
The economy is booming, and yet many Americans are still gasping for air financially," said Jennifer Jones Austin, CEO of the Federation of Protestant Welfare Agencies and co-chair of the National True Cost of Living Coalition. "They simply don’t have the breathing room to plan beyond their present needs." By many measures, the economy is healthy. The labor market is continuing to chug along at a solid but moderating pace with employers adding 175,000 new workers in April.
Many families have yet to see material relief. Grocery prices are up more than 21% from the start of 2021, and shelter costs are up 18.37%, according to FOX Business calculations. Energy prices, meanwhile, are up 38.4.%. Price hikes are particularly devastating for lower-income Americans because they tend to spend more of their already stretched paycheck on necessities and, therefore, have less flexibility to save money. The typical U.S.
As they spend more on everyday goods, Americans are burning through their savings and are increasingly turning to credit cards to cover those basic expenses. The latest findings come amid growing pessimism among U.S. households about their financial situation under President Biden. A recent poll published by Gallup found that Americans are less optimistic about the state of the U.S.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ACEs Affect Nearly Two-Thirds Of Americans — So Why Aren’t We Talking About It?R29 Entertainment Director Melissah Yang chats with California Surgeon General Dr. Nadine Burke Harris about the long-lasting physical/mental effects of Adverse Childhood Experiences (ACEs) and strategies to live beyond it.
Read more »
Americans keeping cars longer amid rising new vehicle costs, hits nearly 13-year highAmericans are holding onto their cars longer now than ever, mostly because of high prices.
Read more »
Nearly half of Asian Americans, Pacific Islanders in Texas lack medical access, study saysA growing number of Asian Americans and Pacific Islanders are struggling to access health care in Texas. It's a problem that could become worse unless more...
Read more »
Nearly 80% of Americans now consider fast food a 'luxury' due to high pricesAmericans say they are scaling back on their fast food intake, and the vast majority considers those on-the-go meals as a luxury due to high prices, a new survey reveals.
Read more »
Nearly half of Americans say finances are taking toll on their mental healthAlmost half of Americans admitted that their financial situation is taking a toll on their mental health and have reported feeling anxious, worried, depressed and a loss of sleep.
Read more »
Ouch: Nearly 1 in 3 Americans live in constant painA recent survey brought to light a concerning health issue affecting the United States: nearly one-third of Americans report living with constant pain.
Read more »