• Home
  • News
    • PRESS RELEASE
  • Shop
  • BUSINESS
    • CRYPTO
    • ECONOMY
    • FINANCE
    • MARKET
    • MONEY
  • TECH
    • APPS
    • GADGET
    • MOBILE
    • SCIENCE
  • SOCIAL MEDIA
  • ENTERTAINMENT
    • ARTS & THEATER
    • GAMING
    • GAMBLING
    • MOVIE
    • MUSIC
    • SHOWS
    • SPORTS
  • LIFESTYLE
    • CELEBRITY
    • CULTURE
    • Education
    • FASHION
    • FOOD
    • HEALTH
    • HISTORY
    • Nature
    • Religion
    • Shopping
    • TRAVEL
  • REAL ESTATE
  • Blog
  • Classifieds
  • Home
  • News
    • PRESS RELEASE
  • Shop
  • BUSINESS
    • CRYPTO
    • ECONOMY
    • FINANCE
    • MARKET
    • MONEY
  • TECH
    • APPS
    • GADGET
    • MOBILE
    • SCIENCE
  • SOCIAL MEDIA
  • ENTERTAINMENT
    • ARTS & THEATER
    • GAMING
    • GAMBLING
    • MOVIE
    • MUSIC
    • SHOWS
    • SPORTS
  • LIFESTYLE
    • CELEBRITY
    • CULTURE
    • Education
    • FASHION
    • FOOD
    • HEALTH
    • HISTORY
    • Nature
    • Religion
    • Shopping
    • TRAVEL
  • REAL ESTATE
  • Blog
  • Classifieds
No Result
View All Result
No Result
View All Result
4 Ways Middle-Income Families Are Coping With Inflation

4 Ways Middle-Income Families Are Coping With Inflation

Utah Digital News by Utah Digital News
July 26, 2022
in MONEY
0
Share on FacebookShare on Twitter


Couple worried about money
Diego Cervo / Shutterstock.com

When prices of goods and services first started rising sharply more than a year ago, many of us were caught by surprise. After all, it had been four decades since America had experienced a bout of sustained inflation.

But the reality of higher prices has sunk in by now, and we’ve had plenty of time to craft plans to deal with our new circumstances. Families across the U.S. have done just that, according to Primerica.

The financial services provider recently surveyed 1,384 American adults to find out what measures they are taking to protect their budgets during these trying times.

Following are the ways middle-class families in the U.S. are coping with inflation.

1. Preparing for a recession

Woman with empty wallet
9nong / Shutterstock.com

When Americans look at the economy, they turn very sour indeed.

More than three-quarters — 77% — expect the nation will fall into a recession before the year is out.

And the future doesn’t look much brighter, with 61% expecting economic conditions to worsen over the next 12 months and just 14% expecting them to improve.

So, they are battening down the hatches and getting ready for tough times.

2. Planning to cut back on spending

Senior protecting his piggy bank from a thief
pathdoc / Shutterstock.com

Folks who are worried about a recession are cutting back on spending in several ways. They include:

  • Cutting back on restaurant/takeout meals: 71% (up from 57% in March)
  • Keeping their current technology instead of upgrading: 69% (up from 44% in March)
  • Budgeting or cutting back on groceries: 49% (up from 37% in March)

If inflation has you spooked, check out the tips in the Money Talks News podcast “Inflation Is Surging: 20 Ways to Fight Higher Prices.”

3. Reassessing major purchases

Upset woman sitting in car dealership
Yulai Studio / Shutterstock.com

More than one-third of Americans (38%) say they have delayed a major purchase in response to rising interest rates.

Yet, that understandable reluctance to splurge only helps so much. Many people still find themselves struggling to rein in their day-to-day spending, with 31% of respondents saying they use their credit cards more now. That’s a 10-percentage-point increase from early 2021.

Learn more about ways to keep more cash in your pocket by reading “9 of the Best Ways to Save Money on a Tight Budget.”

4. Rethinking future financial plans

Thinking woman
mimagephotography / Shutterstock.com

This may be the age of the Great Resignation, but Primerica’s survey respondents seem to be rethinking this whole notion of retiring early: 42% now plan to work longer before they retire. And 22% plan to seek out higher-paying work.

Overall, 75% of employed middle-income Americans don’t believe they’ve saved enough to retire comfortably. That’s a jump of 10% since March.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.



Source link

You might also like

25 Companies That Let You Work Abroad and How to Plan

25 Companies That Let You Work Abroad and How to Plan

March 30, 2023
The Best Jobs for Self-Employed Workers

The Best Jobs for Self-Employed Workers

March 29, 2023
Utah Digital News

Utah Digital News

Related Stories

25 Companies That Let You Work Abroad and How to Plan

25 Companies That Let You Work Abroad and How to Plan

by Utah Digital News
March 30, 2023
0

Dean Drobot / Shutterstock.com Editor's Note: This story originally appeared on FlexJobs.com.Are you looking to immerse yourself in a new...

The Best Jobs for Self-Employed Workers

The Best Jobs for Self-Employed Workers

by Utah Digital News
March 29, 2023
0

uzhursky / Shutterstock.com Editor's Note: This story originally appeared on FlexJobs.com.Imagine working from a beach in Portugal, or being able...

The 10 Highest-Paid American Athletes of All Time

The 10 Highest-Paid American Athletes of All Time

by Utah Digital News
March 29, 2023
0

Jamie Lamor Thompson / Shutterstock.com Not every professional athlete is rich. In fact, the median pay for athletes and sports...

5 Tips for Boosting Your Income to Reach Your First $1 Million

5 Tips for Boosting Your Income to Reach Your First $1 Million

by Utah Digital News
March 23, 2023
0

Subscribe: Apple Podcasts | Google Podcasts | Spotify | Amazon Music | RadioPublic | Stitcher | RSS There are more...

Next Post
Top 15 mobile apps for international students in USA | Ms in US

Top 15 mobile apps for international students in USA | Ms in US

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

utahdigitalnews.com

  • Disclaimer
  • Privacy Policy
  • Copyright Notice
  • Anti Spam Policy
  • Medical Disclaimer
  • DMCA Compliance
  • Terms and Conditions
  • Social Media Disclaimer
  • Amazon Affiliate disclaimer

© 2022 utahdigitalnews.com

No Result
View All Result
  • Home
  • News
    • PRESS RELEASE
  • Shop
  • BUSINESS
    • CRYPTO
    • ECONOMY
    • FINANCE
    • MARKET
    • MONEY
  • TECH
    • APPS
    • GADGET
    • MOBILE
    • SCIENCE
  • SOCIAL MEDIA
  • ENTERTAINMENT
    • ARTS & THEATER
    • GAMING
    • GAMBLING
    • MOVIE
    • MUSIC
    • SHOWS
    • SPORTS
  • LIFESTYLE
    • CELEBRITY
    • CULTURE
    • Education
    • FASHION
    • FOOD
    • HEALTH
    • HISTORY
    • Nature
    • Religion
    • Shopping
    • TRAVEL
  • REAL ESTATE
  • Blog
  • Classifieds

© 2022 utahdigitalnews.com