National Survey: Middle-Income Americans Are Adjusting, Not Giving up, as Rising Costs Reshape Household Budgets
Nearly half of families have successfully cut back on everyday spending this year
Middle-income Americans are actively finding ways to stretch their paychecks by adjusting their spending habits, making tradeoffs and reconsidering financial priorities as rising costs reshape household budgets, according to the latest Primerica Financial Security Monitor™ (FSM™)survey. The results show that while many families are taking steps to improve their financial situation, persistent economic pressures continue to limit their ability to save, plan for retirement and make major purchases.
About 71% say their income is not keeping pace with the cost of living, while nearly three-quarters (74%) rate their ability to save for the future negatively and two-thirds (66%) don’t think they’re saving enough to retire comfortably. At the same time, families continue to demonstrate resilience by taking practical steps to remain financially on track. Nearly half (46%) have successfully cut back on everyday spending this year, 36% say they are staying flexible and adjusting as needed and 32% have stuck to a stricter monthly budget.
