With high costs, soaring interest rates, and above-normal inflation, saving money has never been more critical. However, for many Americans, saving even a tiny amount of money every month has become a luxury. According to a new survey from the National True Cost of Living Coalition, about 65% of Americans identified as "middle class" (earning at least $62,400 for a family of four in 2024) said that they are struggling financially.
Abby Rose (@abbyy..rosee) shared in a video that being middle class she was struggling to save even $500. The comment section of her video further supported her claims, illustrating how bad it is for the American middle class.
Can anyone afford to save?
In the video with over 955K views, Rose talked about her financial situation. She shared that despite trying hard to save money every month, she is forced to spend as "something always comes up". "I swear, every paycheck I am putting money into my savings, but needing to transfer it back within a few days," she says.
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She shares the rising costs have eaten into her funds. She says recently, both her and her husband's registration was due, which cost them about $300. Then their oldest child needed braces and a palate expander which cost $120 a month. She then complains about the inflation-ridden grocery prices, claiming that it costs $200 or more for her family. "Forget about feeding your family great ingredients because who has $500 a week to spend on perfect ingredients to feed your family?"
Rose says that her husband makes enough for them to live comfortably, but something seems wrong. She says she had to quit her job as daycare cost more than she was bringing in. She asks the viewers to share their opinions on whether it was the economy or just her struggle to save. "What is going on? How do I save money?" she says.
The creator's struggles are also reflected in the data. According to the Bloomberg analysis of the National True Cost of Living Coalition survey, only 20% of Americans are able to save $10,000 or more, while 28% of Americans have no savings at all.
The comment section of the video further corroborated Rose's belief as many shared that they were in the same precarious situation. "We make almost 100,000 a year with no savings!!!! It's always something!!" wrote @hollyjj68. "Also thank you for posting this… it gave me a sense of comfort reading these comments and makes me feel like so many of us are in the same boat," added another user @hellosunny24.
Meanwhile, another user @delanciemclain suggested, "middle class is gone. it's just lower and high class." Turns out her observation is backed by research. According to a Pew Research Center analysis of government data, the middle class is shrinking making Americans grow apart financially, more than ever.
For more such interesting videos, vlogs, and mom and family content, follow Abby Rose (@abbyy..rosee) on TikTok.
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