Most Americans are struggling with at least some part of their finances, a new report shows, despite a strong economic indicators to the contrary.
Middle-income Americans, prime-working-age people, and women showed increased financial vulnerability. Middle-income Americans with household incomes from $30,000 to $99,999, prime-working-age people aged 26 to 49, and women were among those who showed increased financial vulnerability. “Our hypothesis is those declines are the result of continually rising costs of health care and child care, and stagnant wages among the middle class,” Levy added.
Being ‘financially healthy’ means you’re resilient when things go bad, and pursue opportunities to make your life better. Being financially healthy, Levy said, “means you have a financial system that helps you be resilient when things go bad, and pursue opportunities to make your life better.” “It should be less fear and more hope,” he said.
But respondents were also socking away less in short-term savings than they did the previous year, the survey found. They were less likely to express confidence that their various types of personal and household insurance policies would support them during a hypothetical emergency, and more likely to report not having any insurance.