A recent CNBC survey pointed out that nearly 74% of Americans are ‘stressed’ about their personal finances. The number marked a notable rise from April’s 70%. In fact, three out of every five U.S. citizens [61%] are living paycheck to paycheck. CNBC curated the survey results after polling over 4,000 adults in the U.S.
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Inflation: Top Stress Factor for Americans
To feel financially comfortable, seven out of every ten American workers revealed that they required a salary of up to $150,000 per year. Owning a home in the country plays a significant role in molding stress. According to the survey, homeowners are bestowed with pockets of relief and feel significantly less financial stress when compared to those who do not own a home. According to Laura Wronski, Director of Research at SurveyMonkey,
“If you’re lucky enough to own a home, you probably have a very low mortgage rate; that alone clearly relieves some of the day-to-day financial strain.”
Nevertheless, inflation continues to be the primary source of stress for Americans lately. According to the survey, 61% of Americans pointed to this factor as the top stressor. The number is up 2 points from March. U.S. citizens are also unhappy with how regulators are dealing with the situation. Only 36% of Americans approved of how President Biden was helping them with their personal finances, while 60% disapproved of his actions.
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The dollar index has been on a steady incline lately, which is a good sign. However, the market is overbought at the moment, and a correction seems to be impending. The last two times such a scenario panned out, the DXY dropped by 2.6% and 1.5%, respectively. A drop of a similar magnitude would translate into a breakdown in the ascending channel and could end up denting the purchasing power of Americans and stressing them out even further.
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