Primerica Survey Finds Most Middle-Income Families Plan to Alter Spending Habits Due to Current Events, Yet Many Feel Unprepared for Increased Cost of Living

Many middle-income households anticipate making lifestyle changes in the upcoming months in response to inflationary concerns and economic uncertainties over current international conflicts. Responses from Primerica’s most recent Financial Security Monitor (Q1 2022) indicate those polled plan to adjust their spending habits by cutting back on food and technology purchases and delaying buying big-ticket items due to the increasing costs of goods and services.

While the rising cost of groceries and gas cause the most concern among middle-income earners, the recent survey results show many respondents feel anxious over their lack of financial literacy skills. Notably, one-third of respondents say they don’t contribute to a savings account, follow a budget, contribute to an investment account, or set a financial budget each month.

“As we face the highest inflation levels in the past 40 years, it is critically important for middle-income families to understand how to budget, manage debt, save for the future and protect their incomes,” said Glenn J. Williams, CEO of Primerica. “These priorities compete for limited financial resources, making the need for professional guidance more important than ever.”

Primerica’s Financial Security Monitor for the first quarter of 2022 was conducted through online polling in March 2022 and was released this week. Read the press release here.