#middleincome #yahoofinance #economy
Two-thirds of American middle-income families feel they are falling behind the rising costs of living in the US, according to data from Primerica. Though a tick down from last year’s sentiment of 71%, this is still a worrying figure as more Americans are dealing with price pressures tied to housing costs and food prices. Primerica (PRI) CEO Glenn Williams talks more about the data with Brad Smith, stating "we also detect a high level of stress financially from these families" as US consumers reprioritize their spending. "As we sit down with families, clearly they know they need to be saving for the future, particularly for retirement. They need to make sure debt doesn’t get out of control. But we see them in action. We sit down with them and first analyze where they are today. And that’s where it exposes that. What sometimes they think is happening is not exactly what’s happening. They’re spending more than they think. They’re using credit more, they’re saving less, or the amount that they’re saving is not going to get them where they want to go in time," Williams elaborates. "And then as families get started, they get a little momentum. And then they find out it’s easier to take the next step and the next step. We find out that, Brad, it’s not usually the information, it’s the personal application of the information to their specific circumstances that confuse families. And then it’s the motivation to act and continue to act that families need." For more expert insight and the latest market action, click here to watch this full episode of Wealth! This post was written by Luke Carberry Mogan.
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