![]() ![]() Families are spending less money than a year ago.“As middle-income families file their taxes this month, these survey results show that they’re already planning to use their refunds to build financial security, putting themselves in a strong position as they work to achieve their financial goals,” said Amy Crews Cutts, Ph.D., CBE®, economic consultant to Primerica. Those expecting a refund plan to use the money to pay bills (37%), pay down debt (34%) and add to their savings accounts (33%). With tax season well underway, a majority (60%) expect to receive a tax refund this year, although more than one-third (35%) expect it to be less than last year. Our survey results highlight that financial security is key to navigating the ever-changing economy and that guidance and expertise can help guide households to better financial security.” “While concerns about inflation are ebbing, higher costs continue to place strains on budgets causing families to prioritize more than ever. “As the nation heads further into 2023, middle-income Americans are showing increasing confidence in their personal finances and are adapting to the current economic climate,” said Glenn J. In addition, nearly three-quarters (72%) say their income is falling behind the cost of living. Overall, middle-income Americans are slightly more optimistic about their personal finances this quarter (20%) compared to in the fourth quarter of 2022 (15%), but the majority (53%) remain pessimistic about the economy as a whole, saying it will be worse off a year from now. Recession fears also declined, falling four percentage points to 21%, and coming in below worries about finances (27%), paying for food and groceries (25%) and saving for retirement (22%). 1 concern (35%) among middle-income households, topping inflation (32%), which dropped five percentage points from the previous survey in the fourth quarter of 2022. about their finances - for the first quarter of 2023.įor the first time since 2021, health ranked as the No. (NYSE: PRI), a leading provider of financial services in the United States and Canada, released the Middle-Income Financial Security Monitor - a national survey that measures changes in the sentiments of middle-income families in the U.S. For the first time since 2021, health topped inflation as the main worry ![]()
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