Nearly two-thirds of middle-class Americans say they are struggling financially: 'Gasping for air'
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A majority of middle-class Americans are experiencing financial hardship that they expect will continue for the rest of their lives, according to a new poll.
Findings published by the National True Cost of Living Coalition show that 65% of Americans whose incomes are 200% above the national poverty line – which is about $62,300 for a family of four, often considered middle class – said they are struggling financially.
Respondents include those with high school diplomas and graduate degrees as well as blue- and white-collar workers who live in both rural and urban America.
While many of these people said they are able to afford the most basic expenses, they expressed concern about their inability to save for the future. Tellingly, about 40% of Americans said they are unable to plan beyond their next paycheck, while another 46% said they do not have $500 saved for emergencies.
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Shoppers are seen in a Kroger supermarket on Oct. 14, 2022, in Atlanta. (Elijah Nouvelage / AFP / Getty Images)
«The economy is booming, and yet many Americans are still gasping for air financially,» said Jennifer Jones Austin, CEO of the Federation of Protestant Welfare Agencies and co-chair of the National True Cost of Living Coalition. «They simply don’t have the breathing room to plan beyond their present needs.»
By many measures, the economy is healthy. The labor market is continuing to chug along at a solid but moderating pace with employers adding 175,000 new workers in April. Job openings remain high, and the unemployment rate has held below 4% for
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