Rising Costs Push Necessities Out of Reach for Nearly Half of Americans
Close to half of Americans are having trouble paying for basic needs, according to a study by the Pew Research Center, as the rising cost of living continues to exact its toll.
The financial burden is especially acute for lower-income adults. Nearly three-quarters said they struggled to pay for food, housing, medical care or daily transportation in the past year compared with 13 percent of upper-income adults. About half of those on the lower end of the income spectrum said they could not pay some of their bills each month, and 77 percent said they did not have enough money to cover expenses for three months in an emergency.
Black and Hispanic adults, women, young people and those without college degrees were more likely to say they faced financial challenges. Still, Americans across income levels, including 51 percent of wealthier adults, said they cut back in the past year on discretionary spending such as eating out and entertainment.
The financial burden is especially acute for lower-income adults. Nearly three-quarters said they struggled to pay for food, housing, medical care or daily transportation in the past year compared with 13 percent of upper-income adults. About half of those on the lower end of the income spectrum said they could not pay some of their bills each month, and 77 percent said they did not have enough money to cover expenses for three months in an emergency.
Black and Hispanic adults, women, young people and those without college degrees were more likely to say they faced financial challenges. Still, Americans across income levels, including 51 percent of wealthier adults, said they cut back in the past year on discretionary spending such as eating out and entertainment.
