Did you know that prices for milk are almost 75% higher in 2024 than they were in 1997? That’s a $3.74 difference! 🙈🥛 Man, don’t you wish we could go back to the late 90s? For the milk of course, not for the bowl cuts and Surge soda. 🛹
Researchers asked middle America how they felt about the economy and their paychecks. Spoiler alert: it’s not great. 👎
Here’s Five Fast Facts on how middle-income Americans feel about their finances:
- 😵💫 Bad Vibes - In a recent survey from Primerica, data revealed that America’s middle class has a pretty negative outlook of their personal finances. Survey respondents included households making between $30,000 and $130,000 per year.
- 📈 Next Level - During Q3 2024, 55% of middle-income households rated their personal financial situation as negative. That’s a six-point increase since the last survey and the highest negative rating Primerica has seen in four years.
- 🔥 Dumpster Fire - When it comes to the big picture, middle-income households are Debbie Downer about that, too. The survey showed 73% have a negative view of the country’s overall economic health. Additionally, 34% said they're unsure about the future, up 15 points from last quarter.
- 💳 Credit Concerns - Middle-income Americans are also putting more on plastic…and they’re worried about it. In the Primerica survey, 44% reported being more concerned over their credit card debt now than last year. That’s a 9% jump from last quarter and the highest level of concern since March of ‘23.
- 🛒 Too Damn High - In September, the consumer price index (CPI) rose by 0.2% from August, and is up 2.4% from a year ago. CPI measures the cost of everyday necessities like rent, groceries, and gas. About 40% of survey respondents said inflation was their top worry, an 8% increase from the last survey.
🔥Bottom line: Talking heads may tell you inflation is cooling, but price hikes are still hiking away. Higher prices on the things we need really put a hurtin’ on our paychecks. An upside to using credit cards is all the points you rack up, but is the juice worth the squeeze? Check out this article where we talk about the impact of inflation on those bonus points.
What’s your top financial concern today?
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