Financial Struggles Mount as Americans Overspend and Under-save
Originally Published 2 years ago — by CBS News
A new poll reveals that many Americans are facing financial challenges as their household expenses continue to outpace their incomes. About two-thirds of respondents reported an increase in expenses over the past year, while only a quarter reported an increase in income. Despite this, consumer spending remains strong, driven by still-elevated inflation and rising interest rates. Rising debt is also a concern, with 8 in 10 Americans reporting higher or the same levels of household debt compared to a year ago. Confidence in meeting unexpected medical expenses and saving for retirement is low, and many Americans have had to forgo major purchases due to higher interest rates. Inflation is a major concern for retirees living on fixed incomes, and there is a general dissatisfaction with the handling of the economy and student debt.