Inflation is a major concern for most Americans as prices have been going up faster than incomes for the last few years, making it harder for people to make ends meet.
If you feel like you’re pinching pennies, you’re not alone. Surveys find that up to two-thirds of Americans feel like they are living paycheck to paycheck. According to MarketWatch Guides, 66% feel this way, while 49% consider themselves broke.
“We have to work harder, but I think hard work is not enough anymore,” said one Virginia Beach resident.
Americans say they’re struggling to manage their finances because of high inflation. Salaries simply are not keeping up with the rising cost of living leading to heavy debt.
That same report says Americans need an average of $17,430 in savings to feel financially secure. Despite the average annual salary being just over $61,000, people believe they need an income of about $73,000 to feel financially solvent.
Surveys have also found a gender gap in financial pain, with women feeling the pinch more than men. One female college graduate told CBN’s Brody Carter she hasn’t been able to pay student loans for six months – relying on her grandma to cover the cost.
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