Skyrocketing Costs and Stagnant Wages Leave Many Families Financially Insecure
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Household budgets are strained as inflation diminishes purchasing power and daily expenses climb. The current 3.7% inflation rate is well above the Fed's 2% target.
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Income alone does not guarantee financial security. Many factors like debt, healthcare costs, childcare, and bad financial habits contribute to financial insecurity.
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Assessing employment options, living beneath means, determining sacrifices, and automating savings can help manage finances amid insecurity.
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The federal poverty measure, based on 1955 data, is outdated. It doesn't account for rising costs over the past 50+ years.
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Even those earning around $100k can struggle due to high fixed costs like student loans, credit card debt, mortgage, and childcare expenses.