Middle-Income Families Adapt to Economic Challenges: Reducing Spending and Seeking Additional Work Opportunities

Middle-income families are facing significant financial pressures due to inflation, according to a recent survey conducted by Santander US. The survey found that 90% of respondents had reduced spending in at least one area, while 40% had taken on a side job or second job within the past year.

Despite these challenges, the majority of middle-income households are managing to stay ahead of their bills and maintain optimism about their financial future. According to the survey, 77% of households are able to do so, with nearly three-quarters feeling confident about their ability to weather economic difficulties.

Santander US CEO Tim Wennes commended American households for their resilience in the face of inflation and praised their ability to adapt and make necessary changes. In addition to reducing spending and taking on additional jobs, many middle-income earners are also reevaluating traditional views on homeownership as a means of achieving financial success. The survey revealed that 51% of respondents no longer view homeownership as essential for achieving prosperity and are instead considering the flexibility and benefits offered by renting.