Nearly Half of Americans Struggle to Afford Basics as 77% of Lower-Income Adults Lack Emergency Cushion
Updated
Updated · The New York Times · Oct 14
Nearly Half of Americans Struggle to Afford Basics as 77% of Lower-Income Adults Lack Emergency Cushion
2 articles · Updated · The New York Times · Oct 14
Summary
Nearly half of Americans said they had trouble paying for food, housing, medical care or transportation over the past year, according to a new Pew Research Center study.
Rising living costs, stubborn inflation and higher gas prices tied to the war in Iran have kept pressure on household budgets heading into the midterm elections.
Lower-income adults reported the sharpest strain: nearly three-quarters struggled with basic needs, about half could not pay some monthly bills, and 77% lacked enough savings to cover three months of expenses.
Black and Hispanic adults, women, younger people and those without college degrees were more likely to report hardship, though 51% of upper-income adults also said they cut discretionary spending.
Pew separately found anger over inequality is deepening: about a quarter of Americans who see too much inequality now say the economic system should be completely rebuilt, up from 14% in 2019.