Many Americans remain in precarious financial shape even as the economy continues to grow, with 7 of 10 saying they struggling with at least one aspect of financial stability, such as paying bills or saving money.
The findings come from a survey of more than 5,400 Americans from the Financial Health Network, a nonprofit financial services consultancy. The project, which started a year ago, is aimed at assessing people’s financial health by asking about debt, savings, bills and wages, among other issues.
Despite solid U.S. economic growth this year, the share of Americans who are struggling financially remains statistically unchanged from a year ago, said Rob Levy, vice president of research and measurement with Financial Health Network.
The study adds to a body of research indicating that millions of American families have trouble making ends meet even a decade after the Great Recession and as unemployment has sunk to its lowest level in decades.
For instance, centrist think tank the Urban Institute has found that report released Thursday found that roughly a quarter of renters say that affording their payments is difficult or very difficult.to pay for basic needs such as groceries or housing. And a Zillow
Not only the poor face financial pressure, the new study suggests. Almost 20% of people earning between $30,000 and $100,000 said they spent more than they earned — an increase of more than 4 percentage points from last year.
“That suggests there is a real squeeze being put on the middle class,” Levy said. “Income is not keeping pace with expenses.”