More than 60 percent of middle-class Americans said they are “struggling financially” and don't expect things to change for the rest of their lives. new poll released on Tuesday.
The poll, commissioned by the National True Cost of Living Coalition, found that about 65 percent of Americans considered “middle class” and earning above 200 percent of the federal poverty level (FPL) are in financial struggle is in.
Even though the economy is showing signs of strength, with an increasing number of jobs, gross domestic product (GDP) growth and a stable stock market, consumers are having difficulty planning and saving, according to the poll.
The poll found that about one in four, 40 percent, of all Americans are unable to plan beyond their next paycheck. Additionally, 46 percent have not saved $500 for emergency expenses.
“The economy is booming, and yet many Americans are still gasping for breath financially. They simply don't have the breathing room to plan beyond what they need now,” said Jennifer Jones Austin, CEO and executive director of the Federation of Protestant Welfare Agencies (FPWA), an organization that helped create the poll.
“As a nation, it is critical that we understand the true cost of living in the United States today,” said Jones Austin. “That means looking beyond the most basic economic needs and considering what 21st century Americans need to not just get by, but get ahead and plan for tomorrow.”
The survey also found that 80 percent of Americans have lived paycheck to paycheck at some point.
The poll was conducted by Seven Letter Insight among 2,500 adults in February Bloomberg. The poll had a margin of error of plus or minus 2 percentage points.
