Majority of Americans lack economic security, study finds
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More than half of American households do not have the resources to pay their monthly bills and have enough money left over for savings, according to a new gauge on the cost of living in the U.S.
A recent report from the Urban Institute introduced a new measure, dubbed the True Cost of Economic Security Line (TCES), that takes into account a comprehensive set of costs that modern families face alongside the resources available to them, and found that 52% of people in the U.S. are economically insecure and unable to thrive.
More than half of American households do not have the resources to pay their monthly expenses and have enough money left over to save, a new study found.
The findings show that three out of five children live in families with resources falling below the TCES line, compared with 49% of adults ages 18 to 64 and 46% of adults ages 65 and older.
The vast majority of people in single-parent families fall below the TCES line, the study determined, and half of all people living with two adults (under age 65) and two children, lack the resources to cover their costs.
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The study was commissioned by the National True Cost of Living Coalition, which was formed this year by anti-poverty agencies concerned about the nation’s inability to both accurately measure what it costs individuals and families to live in America today and to govern accordingly. They say the TCES is more accurate than traditional measures used by the government.
Inflation has pummeled Americans' budgets in recent years. A new gauge on the cost of living aims to
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