PERSONAL FINANCE
Most middle-class Americans say they can't support their cost of living
Three-quarters of middle-income Americans, with annual earnings of $30,000 to $100,000, say their earnings aren't enough to pay for their cost of living, according to a survey by financial services firm Primerica. Real wages are losing ground as inflation flares, eroding consumers' purchasing power. The share of middle-income Americans who say their incomes aren't keeping up with their cost of living has jumped 16 percentage points since December 2020, rising to 75% in June, Primerica found. To stay afloat, more middle-income Americans are relying on credit cards. About 29% of those surveyed said their credit card debt had increased in June, reflecting the highest share since the survey began, Primerica said.
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