Americans are still feeling the impact of rising prices in their day-to-day lives. As a result, many adults are struggling to afford their monthly bills.
According to new CivicScience data, nearly one-third of U.S. adults responsible for paying bills report they haven’t been able to pay their statements in full and on time recently. Additionally, more than 40% of bill-paying Americans say they’re having a more difficult than easy time affording their monthly statements.
Unsurprisingly, inflationary prices are hitting the lowest-income consumers (under $50,000 annually) the most, with more than 40% saying they haven’t been able to afford all their bills in full and on time.
Younger consumers are also taking a hit from inflation. Slightly more than half of adults in the lowest age bracket (18-29 years old) report they haven’t been able to pay all their statements.
Compared with adults aged 55+, adults under 30 are more likely to say paying their bills has been both easier and harder lately. This could be attributed to younger Americans experiencing more significant changes in their lives than older adults, such as moving to a new city or moving back in with their parents.
Overall, older Millennials and younger Gen Xers (aged 30-44) are most likely to report that affording their bills has been more difficult than easy lately.
CivicScience will continue to monitor consumer spending habits in response to rising prices and other economic forces. Check back in weekly for updates.
