Americans in their peak earning years feel strong financial pressure, a new poll shows The findings suggest seniors are doing better financially than folks who are 50 to 64 Inflation has prompted many folks to cut back on everyday expenses as well as health care FRIDAY, July 12, 2024 (HealthDay News) -- Financial stress persists even though rising inflation rates have eased, and the group feeling the pinch most acutely is in its peak earning years, a new poll shows. "Our biggest surprise from this poll is that the age group most likely to be affected or stressed by pressures on personal finances is not the group whose incomes are more likely to be 'fixed' by reliance on Social Security or retirement savings," said health economist , of the Institute for Social Research at the University of Michigan. Women and respondents between the ages of 50 and 64 were more likely than men or people over 65 to say they stress out about their budget, the new University of Michigan found.
Also rattled by their finances: people in their 50s and beyond who said they are in fair or poor health. In all, 47% of respondents in that group said they've been hard-hit by inflation in the past year, and 52% have cut back on everyday expenses. That included 58% of the younger group -- at a time when people typically have their maximum earnings -- versus 45% of seniors.
About 6 of 10 respondents who were Black, Hispanic or in lower income brackets said they had cut spending, as did 69% of those who said .