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Middle class families share how much money they have in savings and it's eye-opening
According to an April 2024 Gallup poll, 54% of Americans identify as part of the middle class, with 39% identifying as "middle class" and 15% identifying as "upper-middle class." That percentage has held fairly steady for years, but for many, what it feels like to be a middle class American has shifted. Notably, inflation caused by the pandemic has hit middle class families hard, with incomes not keeping up with cost-of-living increases. Housing costs have skyrocketed in many areas of the country, mortgage interest rates have risen to levels not seen since the pre-Obama era and grocery bills have increased significantly. One government study found that cost of living has increased between around $800 and $1,300 a month depending on the state since 2021, putting a squeeze on everyone, including the middle class.One woman shared that her family is just getting by and asked other people who identify as middle class to "chime in" with what they have in their savings account. "I swear, every paycheck I am putting money into my savings, but needing to transfer it back within a few days," shared @abbyy..rosee on TikTok. "My registration is due. My husband's registration is due. He needed two new tires, even though they had a warranty. That's $300. My oldest needs braces, he needs a palate expander, that's $120 a month. Not to mention groceries are $200 more a week. Forget about feeding your family great ingredients because who has $500 a week to spend on perfect ingredients to feed your family?"
@abbyy..rosee
somethings gotta give #savings #middleclass #relatable
She explained that her husband makes enough money that they should be able to live comfortably, and that she quit her job because the cost of daycare was more than she was making."At some point, something has to give," she said. "What is going on? How do I save money?" People in the comments chimed in with their savings account totals and it was quite eye-opening. Many people shared that they have $0 saved. "We make the most money we ever have and have zero savings. We live paycheck to paycheck and every month I don’t know how we get by.""I think the middle class is 1 personal disaster away from bankruptcy.""Y’all got savings accounts?!?! ?""I used to freak out if I had under $10k in savings, now I’m happy when I have over $150. ?""We make almost 100,000 a year with no savings!!!! It's always something!!""I'm lucky if we have $500-$1K for an emergency. every single time we start saving something happens. the vet, the cars, the kids... something.""Savings account? I transfer money each paycheck but always end up needing to transfer it back. My husband makes great money too but we are scraping by.""$803 but we have to pay a $750 deductible this week b/c my Husband hit a deer soooo… back at it ? It’s exhausting. Constantly draining it, refilling it, transferring."Some people shared that they do have some savings, but several said it was because they'd had an inheritance or other chunk of money come their way. Many people shared that their savings has dwindled as increased costs have taken their toll. Some people gave lifestyle advice to save money, but most agreed that just the basics have gotten so expensive it's harder to make ends meet much less put extra into savings.Thankfully, the inflation issue appears to be waning, but even just plateauing at their current financial reality isn't ideal for many American families. Middle class is supposed to be a comfortable place to be—not rich, but well enough off to feel secure. That's not how many middle class folks feel, though. Most Americans don't have anything close to the amount of money saved that is recommended across the age spectrum, but at least hearing that others are in the same boat is somewhat comforting. It can be vulnerable to put your financial reality out there, but it's helpful to hear what other people are doing and dealing with so we all feel less alone when we're struggling. Perhaps if people were more open about money, we'd all be able to help one another find ways to improve our financial situations rather than lamenting our empty savings accounts and wondering how to change it.This article originally appeared on 7.17.24
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