Two-thirds of people in the US say they don’t expect their personal financial situation to improve in the next year, according to a new Bankrate survey.
Much more People feel pessimistic about their financial situation right now compared to this time last year.
“We saw a marked change in how people felt heading into 2021,” said Bankrate’s Greg McBride.
He said that even though the job market has improved and employers have increased wages, many people are concerned that rising prices will prevent them from getting ahead financially.
“Inflation is stretching household budgets and has outpaced even the strong income growth that many households have seen in recent months,” he said.
In Chanute, Kansas, Tami Burch has definitely noticed rising prices for gas, beef and chicken nuggets for her kids. But still, unlike many Americans, she said, “I feel a little safer.”
After being unemployed for a year and a half, she just landed a job as a cook in a nursing home, earning $13.50 an hour, $4 more an hour than her last job.
“I’m excited about the salary,” she said. “It’s helpful to have the extra money.”
And, as long as prices don’t continue to rise too high, he said, he hopes it will be enough to keep up.
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