Americans — including members of the middle class — are mighty unhappy about the U.S. economy today.
A New York Times poll this spring found that 74% of Americans view the state of the economy as either “poor” or merely “fair.” Just 26% said things were “good” or “excellent.”
So, what is bugging folks? Recently, Gallup asked Americans the following question:
“What is the most important financial problem facing your family today?”
The question was open-ended, meaning respondents could name any financial problem that came to their mind.
Here are the worst financial problems facing today’s members of the middle class — defined as those with an annual household income of $40,000 to $99,999.
1. Inflation
Middle-income respondents who cited this as the most important financial problem facing their families today: 46%
This answer will not shock anyone who has been to a grocery store or restaurant over the past couple of years.
Inflation peaked at a multi-decade high in 2022 and has been slow to subside. For many in the middle class, it feels like everything has gotten much more expensive.
2. Housing costs
Middle-income respondents who cited this as the most important financial problem facing their families today: 17%
Housing prices have exploded higher in recent years. So has the cost of renovations and repairs. Even home insurance premiums have ballooned in many places.
In short, it’s much more expensive to rent or purchase and maintain a home today than it was just a few years ago.
3. Debts
Middle-income respondents who cited this as the most important financial problem facing their families today: 8%
At the end of 2023, American consumers passed an ignominious milestone: Credit card debt soared to a record $1.1 trillion, with total household debt climbing to $17.5 trillion.
If you are struggling with debt, there’s no shame in reaching for a life preserver. Start by checking out “8 Surefire Ways To Get Rid of Debt ASAP.”
Other money woes of the middle class
Here are four other money woes that middle-class survey participants listed:
- Health care costs: 7%
- Lack of money/cash flow: 4%
- Unemployment/loss of job: 2%
- Insurance: 1%
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