ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / ECONOMY & WORK

Woman explains how middle class families can’t save money anymore as 'something always comes up'

While the creator shared anecdotes from her life, research also supports her claim.
PUBLISHED SEP 8, 2024
Getty Images Credit: DjelicS (Representative)
Getty Images Credit: DjelicS (Representative)

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.

Representative Image | Unsplash | Photo by enginakyurt
Representative Image | Unsplash | Photo by enginakyurt

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.

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?"

Screenshots from the video | TikTok | @abbyy..rosee
Screenshots from the video | TikTok | @abbyy..rosee

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.  

Screenshots from the video | TikTok | @abbyy..rosee
Screenshots from the video | TikTok | @abbyy..rosee

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

Screenshot from the comments | TikTok | @hollyhobbie19
Screenshot from the comments | TikTok | @hollyhobbie19

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.

MORE ON MARKET REALIST
Her product could help a lot of people protect their homes and loved ones from deadly fires.
16 minutes ago
A lot of the sharks were unsure about the product due to unfortunate incidents in the past.
2 hours ago
“He seems like a lot of fun as a dad,” Seacrest admired Tony and Mike Nunes' relationship.
4 hours ago
The painting was made by Francois Gilot, the ex-lover of the famous Pablo Picasso.
5 hours ago
However, few fans loved their coordinated moves, "Steve Harvey be sharp all the time!"
6 hours ago
The founder of Chirp scored a creative deal with Lori Greiner after much deliberation.
1 day ago
“Read the room, Ken, not the time to joke when his dream just got crushed,” a viewer slammed.
1 day ago
The guest claimed that her father worked on the film and was gifted the item by the camera crew.
1 day ago
The worst part was that Chum never even called in an expert to take a look at the guitar.
1 day ago
The guest thought that her items were worth $100 but was not expecting them to be in the thousands.
1 day ago
She was stunned by what she saw and the amount of worms that must have been in that bag of nuts.
2 days ago
The company had an innovative product and the sales figures to back up their valuation.
2 days ago
A lot of people gathered to hear the appraisal of the item somewhat related to the notorious killer.
2 days ago
Fans were quick to point out his blunders that cost him the big prize during the round.
2 days ago
The contestant's answer did not make a lot of sense, and Harvey didn't let the opportunity slip by.
2 days ago
Lydon B. Johnson made the piece iconic for being the first ever President to sport a 36mm Day-Date decorated with a silver dial. 
2 days ago
“I don’t understand how people are not paying attention to the last few playings of the game," a fan criticized.
2 days ago
Several consumers have reportedly been affected by the bacteria and 21 have been hospitalized with severe complications.
3 days ago
Mr. Wonderful asked for a ridiculous part of the business at first before changing his offer.
3 days ago
Chum Lee had the cuffs on in front of a customer as Rick Harrison walked out of the store.
3 days ago