More than half of middle-income earners in the US have a negative view about their finances and a third expect to be worse off over the next year, according to a survey by Primerica.
Some 51% of respondents said their finances were either not so good or poor. That’s the largest share in the quarterly poll that began in 2020, adding to evidence how a higher cost of living is impacting the lives of more Americans.
The online survey of 1,150 adults with incomes between $30,000 and $130,000 was conducted for the financial services firm from Sept. 14-18. The margin of error is 3.3%.
About four in 10 say they have felt depressed and almost two in five say that it was difficult to sleep in the past month due to their financial situation. Further, about a quarter say their financial situation has impacted their relationship with a spouse or partner as the high cost of living weighs on their budgets.
With record-high credit-card rates and increased card usage, 57% say managing debt is difficult. Those with student loan payments, which resume this month for the first time in three years, say that they are worried about being able to afford necessities like groceries, gas, health care and utilities. Adults ages 35 to 49 are more concerned than those who are younger.
Overall, recent increases in inflation-adjusted income came to an end in September. Real average weekly earnings fell 0.1% last month compared with a year ago, according to data released Thursday by the Bureau of Labor Statistics.