Americans see incomes drop as cost of living rises – study

Must read

Strategies For Mastering The Art Of Getting Started

By Diana Goodwin, founder of MarketBox, a platform for service businesses looking to simplify scheduling, bookings & payments. ...

Lead Generation: How To Create And Execute A Successful Strategy

By Samuel Thimothy, VP at OneIMS.com, an inbound marketing agency, and co-founder of Clickx.io, the digital marketing intelligence platform. ...

Finding The Use Case: Techstars London Teams Up With Polygon To Launch A Web3 Accelerator

Saalim Chowdhury, Managing Director of Techstars London on why the new accelerator...

Microcoaching: The Next Generation Of Personal Development

As the modern workplace evolves, its associated practices must too. An office used to mean a fixed location, now it’s anywhere with an internet...

Three out of four middle-class Americans feel that their income can’t keep up with soaring inflation, a recent survey has found.

As many as 75% of those whose income falls into the $30,000 to $100,000 a year bracket said their earnings were falling behind the cost of living, according to a poll by financial services company Primerica.

The report also found that 77% of respondents believed the US would be in a recession by the end of the year.

According to the survey, most Americans are preparing for a recession by cutting back on spending, delaying major purchases, or planning to work longer before retirement. The research also found that 10% more Americans are relying on their credit cards than in early 2021.

Inflation reached 9.1% year-on-year in the US in June, the steepest increase since 1981. Overall, the report notes that 54% still feel positive about their personal finances. However, that percentage has dropped by six points since last March and represents the lowest positive rating since the poll began.

The Middle-Income Financial Security Monitor is a quarterly national survey, and the latest poll was conducted through online surveys between June 4 and June 6, 2022.

For more stories on economy & finance visit RT’s business section

More articles

Latest article

Strategies For Mastering The Art Of Getting Started

By Diana Goodwin, founder of MarketBox, a platform for service businesses looking to simplify scheduling, bookings & payments. ...

Lead Generation: How To Create And Execute A Successful Strategy

By Samuel Thimothy, VP at OneIMS.com, an inbound marketing agency, and co-founder of Clickx.io, the digital marketing intelligence platform. ...

Finding The Use Case: Techstars London Teams Up With Polygon To Launch A Web3 Accelerator

Saalim Chowdhury, Managing Director of Techstars London on why the new accelerator...

Microcoaching: The Next Generation Of Personal Development

As the modern workplace evolves, its associated practices must too. An office used to mean a fixed location, now it’s anywhere with an internet...

7 TED Talks To Change How We Look At Ourselves

Microphone on stage against a background of auditorium getty...