Primerica’s quarterly Middle-Income Financial Security Monitor, a survey measuring the financial situation and sentiments of middle-income families in the U.S. and Canada, showed mixed results regarding the stability of their finances. Most middle-income families (65%) feel positive about their current financial situation, but an equal amount (65%) say their income is falling behind the cost of living, a 9% increase from April.
Additional key findings from this survey include:
- Concern about paying for food and groceries has grown from 12% to 17% in the past year
- An increase in the cost of goods and services was noticed almost unanimously by participants, including gas (94%), home prices (92%), groceries (91%), restaurants and bars (84%), health care (80%), entertainment (75%), taxes (73%) and childcare (73%)
- 53% of respondents have life insurance, and of those who do not, 10% say they are now more interested in purchasing a policy because of Covid-19
- 65% say their income is falling behind the cost of living
- 18% anticipate having a better financial situation one year from now
- 22% are saving enough for a comfortable retirement
- 63% say it will be difficult to save for the future
- 65% say their personal finances are in good shape
“We’re encouraged that most middle-income families are optimistic about their financial situations, although they are feeling the pressure of rising inflation,” said Glenn J. Williams, CEO of Primerica. “We also see that more than half of these families are taking responsibility to improve their financial situation by saving for the future and protecting their families with life insurance, and even more families are considering taking similar actions. These steps are especially important today, as people are reporting increased prices on everything from gas to eating out to going to the movies.”
