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More consumers report rising expenses than rising incomes

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Indianapolis, Indiana – More Americans are reporting growing spending than rising incomes for the second year in a row.

The unsettling data comes from the Federal Reserve’s most recent study, the Economic Well-Being of U.S. Households in 2023. The survey indicates that rising expenses remain a significant issue even in the face of reducing inflation.

Just 34% of respondents stated their salaries increased in 2023, compared with 38% who claimed their monthly expenses increased.

Compared to 2022, when 33% of families reported increasing income and 40% stated their spending increased, that is a slight improvement. Prior to 2022, more respondents stated having higher incomes than increased costs.

Even though it’s decreasing, inflation is still ranked as families’ worst financial obstacle. The poll found that 35% of American adults cited inflation as their biggest financial obstacle, ranking it higher than debt, housing costs, and other expenses.

Additionally, parents appear to be the group most affected. In terms of finances, 64% of parents reported they were doing “okay,” compared to 72% of all respondents.

The poll contained some positive information. Only 31% of Americans claimed that their financial situation had gotten worse between 2022 and 2023. That is less than the 33% from the previous year.

 

 

 

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