A new national survey has shown that two-thirds of middle-income families in the U.S. are falling b🌱ehind in the cost of living.

The Primerica Household Budget Index (HBI) showed that middle-income households actually experienced a slight increase in purchasing power in May, the first increase in the HBI for five months. The index came in at 100.3%, up from 100.1% in April. Although inflation has been slowing in recent months, households are still cautious.

The Primerica (PRI) survey of financial security for the second quarter highlighted that, despite an improving economy, two-thirds of middle-income families say they are falling behind in the 澳洲幸运5官方开奖结果体彩网:cost of living. Delving deeper into that assessment, 80% of households said they were cooking more meals at home instead of e𒈔ating out and ordering takeout. The main two reasons cited for that choice were budget concerns (72%) and "unreasonably high" prices at restaurants (62%).

Lack of Understanding on Financial Products

The study said that the majority of respondents understand the basic issues with their finances but not the complexities. Primerica said 65% of U.S. households were confident in making sound financial decisions, with 87% saying they are confident that they can build 澳洲幸运5官方开奖结果体彩网:good credit.

However, that confidence declined when it came to more complex issues such as setting up a 401(k) or 澳洲幸运5官方开奖结果体彩网:individual retirement account (IRA) (66%), 澳洲幸运5官方开奖结果体彩网:buying life insurance (63%), and investing in the stock market (50%).

The latest findings align with a survey that said the 55-and-over age group is 澳洲幸运5官方开奖结果体彩网:critically unprepared for retirement. Another study found that 44% of Gen X believe it will take a "miracle" for them to retire.

“It’s mildly encouraging that, after taking overall inflation into account, middle-income households saw an average real income gain of 1.3% over the past 12 months,” s🗹aid Amy Crews Cutts, an economic consultant to Primerica.

“Yet as gasoline prices fell, the costs of other necessity goods rose more quickly, and it will take time for people to feel that both the broader economic and their own financial standing are on the rise,” Crews Cutts said.