The quarterly Middle-Income Financial Security Monitor, a poll that assesses the financial position and attitudes of middle-income families in the United States and Canada, found varied results in terms of financial stability. Most middle-income families (65%) are optimistic about their current financial situation, but the same percentage (65%) believe their income is slipping behind the cost of living, up 9% from April.
The following are some of the survey’s other notable findings:
• In the last year, concern over overpaying for food and groceries has risen from 12 percent to 17 percent.
• Participants nearly uniformly recognized an increase in the cost of products and services, such as petrol (94 percent), housing prices (92 percent), groceries (91 percent), restaurants and bars (84 percent), health care (80 percent), entertainment (75 percent), taxes (73 percent), and childcare (73 percent) (73 percent )
• 53% of respondents have life insurance, and 10% of those don’t believe Covid-19 has piqued their curiosity in getting one.
• Sixty-five percent believe their salary isn’t keeping up with the cost of living.
• 18% expect to have a better financial status in the future.
• In a year, 22% will have saved enough for a decent retirement.
• 63 percent believe saving for the future will be tough.
• The majority of people feel their finances are in good shape (65%).
“We’re happy that most middle-income households are optimistic about their financial positions, despite the pressures of rising inflation,” said Primerica CEO Glenn J. Williams. “We also observe that more than half of these families are taking steps to better their financial condition by putting money aside for the future and protecting their families with life insurance, and even more are considering doing so. People are reporting increasing prices on everything from petrol to eating out to going to the movies, so these precautions are very critical today.”