Washington politicians have no plan, and no clue on how to restore financial security for America’s hard-working, tax-paying U.S. citizens…
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Why More Middle Income Americans Are Struggling to Save Money
ZeroHedge, Dec 04, 2024 | Authored by Autumn Spredemann via The Epoch Times, – Excerpts:
Reduced inflation and wage increases haven’t stemmed the economic struggles of middle-class Americans. In fact, some middle-income earners say it’s harder than ever to put money away in savings.
“It’s not just that middle-income families aren’t saving. They’re actively going into debt to stay afloat. The rise in buy-now-pay-later options for groceries and essentials shows just how precarious cash flow has become,”…
Paycheck to Paycheck
In October, Bank of America released a sobering study on American households living paycheck to paycheck. The results indicated the number of households barely making it between paychecks has increased across every income bracket since 2019, even those making more than $150,000 per year.
Middle-income earners in the $51,000 to $75,000 range had the largest increase between 2019 and 2024, after households with less than $50,000, in which a quarter or more live paycheck to paycheck.
Moving up the income spectrum showed similar results, with roughly a quarter of all households living in this manner. Almost half of all respondents perceive themselves as living paycheck to paycheck.
The study noted that these households have much higher necessity spending, adding that most of the expenses are “likely unavoidable, as they relate to family and housing costs.”
Zane said that groceries have become a “silent tax” on the middle class, but pointed at rising utility costs as another big factor.
“Utility costs—often neglected in mainstream discussions—have become a household budget breaker. For families living in regions with harsh winters or sweltering summers, energy bills consume a more considerable monthly income than ever,” he said.
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