Americans see incomes fall as cost of living rises

Three out of four middle-class Americans feel their incomes can’t keep up with rising inflation, a recent one opinion poll has found.

A survey by financial services company Primerica reported that over 75% of those earning between $30,000 and $100,000 a year said their income is below the cost of living.

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

According to the survey, most Americans are preparing for a recession by cutting spending, postponing major purchases, or planning to work longer hours before retirement. The study also found that 10% more Americans rely on their credit cards than they did in early 2021.

Inflation hit 9.1% year-on-year in the US in June, the sharpest rise since 1981. Overall, the report finds that 54% are still positive about their personal finances. However, that percentage is down six points since last March and represents the lowest positive rating since the survey began.

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