Middle-Income Earners Taking Proactive Financial Steps Ahead of Possible Recession, Primerica Survey Finds

Amidst headlines reminding us of a possible recession, here is some good news – most middle-income Americans are taking precautionary preparations to safeguard their finances for what’s ahead. Responses from Primerica’s Q2 middle-income financial security monitor finds that while at least three-quarters of households believe the United States will be in a recession by the end of 2022, most Americans are preparing by cutting back on spending, delaying major purchases, or planning to work longer before retirement.

More than 40 percent of survey respondents report their top concern is inflation.

“Middle-income families are taking a hard look at their finances right now. Rising costs continue to eat into their bottom line amid fresh concerns of a recession,” said Glenn J. Williams, CEO of Primerica. “For 45 years, we’ve helped working families prepare to weather these types of situations. We’ve reassured them that professional financial guidance is not only for the affluent. It is critical to their long-term planning and can support their efforts to endure a potential economic downturn.”

Primerica’s Financial Security Monitor for the second quarter of 2022 was conducted through online polling in June 2022 and was released this week. Read the press release for other key findings from this quarter’s survey and to access topline trends data.