Americans are relying on their savings to cover monthly bills and everyday expenses.
Among record-high credit card debt and reports of many consumers living paycheck to paycheck, Americans are relying on their savings to cover monthly bills and common everyday expenses, including groceries.
A recent CNBC Select and Dynata Banking Behaviors Survey found that 40% of respondents who reported having withdrawn cash from their savings say they did so to cover fixed bills, such as a car payment. The second most cited reason, at 38%, was to cover variable expenses like groceries.
While the broader economy has been looking better in recent months — with cooling inflation, a still strong job market and the stock market near all-time highs — consumers are still strained. Many households haven’t made it through the inflation fight unscathed, explains Kathryn Anne Edwards, an economist and economic policy consultant.
“Economic indicators say we’re doing better [than a year ago], but households don’t think of prices in 12-month growth rates,” Edwards says. With years of accumulated price increases, it’s no surprise that Americans are dipping into their savings to cover everyday expenses.
To keep it from the govt & the stock market crash coming !!!!!
Keep it from the IRS before they take it !!!!!!
And that’s exactly what they should be doing! Instead of borrowing even more. But that’s only the first step in the right direction. The next step has to be reducing their expenses so that they can begin saving again instead of drawing down their savings. Less house. Less car. Less restaurant meals. Less unnecessary spending. Then investing. Spend below your means, save, invest. It’s really not complicated or difficult to enjoy financial freedom.
WHAT Savings !!!!!
Most have None & Live week to week in Today’s America !!!!!!!!
Poor middle class Don’t have any savings !!!! Go ahead & take it !!! LOL LOL
The American Way > Debt > Charging Up those Cards !!!!!
Ban Revolving Credit > SOLVED !!!!
Bidenomics….
The Turd started it – then you Trump-haters elected his puppet and the puppet’s Ho!
We get the chance to right this wrong and start back on the path to recovery in November!
The turd !!! LOL 💩
It only gets worse with democrats in charge
Credit Cards took your Savings !!!!!
Those who were adults during the Carter era have seen this before.
Spiraling prices completely overtake what little growth savings are yielding. Better to use the savings while you can realize some purchasing power before the inflation shrinks their value completely.
Bidenomics is a dagger at the throat of the economy.
Jobs and employment numbers are In fact terrible. The nu bers don’t include the millions of able-bodied people. Iiving on the dole. A standard of living reserved for kings in past days. They want for nothing and contribute less than nothing. We pay their insurance while we can’t afford ours. They eat like kings while we can’t afford groceries. Same for utilities. I haven’t found a way to pay for their dope booze or prostitutes. No worries they just go through your neighborhood and steal. Everything not nailed down.