Americans may seem increasingly divided on beliefs and values, but in a new survey of more than 30,000 adults from across the country spanning generations and economic classes, a majority of Americans agree there\u2019s a significant barrier to achieving a better life: the rising cost of living.<\/p>\n
When asked to describe what a better life in three to five years would look like, 60% of Americans said they wanted greater financial security, according to a survey that was conducted by the McKinsey Institute for Economic Mobility and the WK Kellogg Foundation in mid-April.<\/p>\n
In interviews that accompanied the survey, respondents often defined financial security as being able to afford basic necessities without worry.<\/p>\n
\u201cA better life for me and my family would look like being able to buy a home, and being able to afford all the basic necessities, rent, utilities, car, food, healthcare \u2013 as well as being able to have enough left over to save for the future for retirement and vacations,\u201d said a 35-year-old respondent from Dearborn Heights, Michigan.<\/p>\n
Though it may appear to be a simple goal, many Americans believe it\u2019s out of reach. Forty per cent of respondents described themselves as either \u201cgetting by but financially vulnerable\u201d or \u201cstruggling to meet basic needs\u201d. Groceries and food costs in particular are causing financial distress, with 90% of respondents listing it as their top cost-of-living concern, followed by housing, transportation and healthcare.<\/p>\n
One survey respondent, a 49-year-old father in Philadelphia, said that success to him was not about extravagant living, rather it was being able to afford his child\u2019s field trips for school or help a family member struggling with their bills. \u201cI just want to be comfortable,\u201d he said.<\/p>\n
The survey is the latest illustration of how the rising cost of living is the defining challenge for many Americans today. Between higher gas prices, growing electricity bills and a housing market that feels out of reach, many everyday expenses have turned into everyday frustrations for Americans whose paychecks aren\u2019t keeping up with rising inflation. A recent Harris poll<\/a> that found 95% of Americans believe the country is undergoing an affordability crisis.<\/p>\n