{"id":728512,"date":"2023-02-03T00:03:06","date_gmt":"2023-02-03T05:03:06","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/special-report-middle-income-families-resilient-amid-high-inflation-economic-uncertainty\/"},"modified":"2023-02-03T00:03:06","modified_gmt":"2023-02-03T05:03:06","slug":"special-report-middle-income-families-resilient-amid-high-inflation-economic-uncertainty","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/special-report-middle-income-families-resilient-amid-high-inflation-economic-uncertainty\/","title":{"rendered":"Special Report: Middle-Income Families Resilient Amid High Inflation, Economic Uncertainty"},"content":{"rendered":"

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Special Report: Middle-Income Families Resilient Amid High Inflation, Economic Uncertainty<\/b><\/p>\n

Cost of food, gas and utilities greatly impact household budgets<\/i><\/p>\n

DULUTH, Ga.–(BUSINESS WIRE<\/a>)–
\nPrimerica, Inc. (NYSE: PRI), a leading provider of financial services in the United States and Canada, released a special report titled, \u201cThe Financial Condition of Middle-Income American Families Heading Into 2023<\/a>.\u201d\n<\/p>\n

\nResearched and written by Amy Crews Cutts, Ph.D., CBE\u00ae, economic consultant to Primerica, the report combines data from the monthly Consumer Price Index (CPI), the Federal Reserve Bank of Atlanta, and Primerica\u2019s Financial Security Monitor \u2014 a national survey that measures changes in the sentiments of middle-income families in the U.S. about their finances \u2014 to present a clear picture of the pressures these households face.\n<\/p>\n

\nAs many economists continue to predict a recession this year, middle-income families are already taking an economic hit that is threatening their long-term financial security. A focused analysis of the CPI for just the cost of food, gas and utilities \u2014 necessities that greatly impact middle-income households\u2019 budgets \u2014 shows prices on those items rose significantly higher than benchmark inflation in 2022.\n<\/p>\n

\n\u201cHigh inflation stings for everyone, but it\u2019s especially painful for middle-income American families,\u201d said Dr. Cutts. \u201cWith prices increasing at the fastest rate in a generation, the middle-market is now spending their savings to make ends meet. Even so, most middle-income households are optimistic about their future and show a remarkable resilience in the face of economic headwinds.\u201d\n<\/p>\n

\nPrimerica\u2019s quarterly survey also highlights a disconnect between what middle-income families say they will do and what they actually do. Respondents frequently overestimated their ability to save and limit spending, as well as their ability to pay all their bills. Still, the Financial Security Monitor has consistently found that most middle-income households rate their financial situation positively, and they remain optimistic about the year ahead with many adjusting their spending or savings to cope.\n<\/p>\n

\n\u201cOur report illustrates not only the economic burden facing middle-income Americans but also their resilience in these tough financial times,\u201d said Peter W. Schneider, President of Primerica. \u201cFamilies are well aware of the potential economic risks in the year ahead and are proactively taking steps to reduce the impact on their financial future.\u201d\n<\/p>\n

Key Findings<\/b><\/p>\n