TULSA, Okla. — Randall Smith works two jobs to support his family.
He works a full-time job as a mechanic and on his days off he is a mobile mechanic. Combined he makes close to $100,000 a year.
"I've made advancement throughout my career," said Smith. "But honestly, every time I do better income-wise, prices go up and it just offsets it."
He's forced to make it stretch.
"Grocery prices are sky high. Trying to feed a family of four it's difficult," said Smith.
His focus is on paying for necessities for his wife and two daughters.
"Basically, the mortgage, electric," he said, "Those are primaries, the grocery bill. I'm not buying steaks right now I can tell you that."
A new Bankrate study finds 34% of workers feel they now live paycheck-to-paycheck. Even many earning between $50,000 and $100,000 are struggling to keep up with higher food, housing, transportation, utility, medical and transportation costs.
"Many of the Americans I talked to for this research indicated that it is inflation that's making the bar feel consistently further and further away. It's like they've been working their whole lives just to get to this place where they feel comfortable," said Foster. "And then, when prices surge that feels like it's just been ripped out from underneath them," said Sarah Foster, an analyst with Bankrate.
"Many of them are working overtime. They're working long hours. They're budgeting. they're trying to make ends meet. But, because of other kinds of external circumstances, they;re feeling like their budgets are just not making it. And so we found over a third of workers, 34% feel like they are living paycheck-to-paycheck."
Key findings of the study:
- 34% of U.S. workers say they are living paycheck-to-paycheck which is defined as having little to no money left for savings after covering monthly expenses
- Only 19% of workers feel satisfied with how much they are paid
- 24% feel they are not fairly compensated for their work
- Workers living in the South (38%) and Midwest (37%) are more likely to say they are living paycheck to paycheck
Click here to see the study.
Contact the Problem Solvers:
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- problemsolvers@kjrh.com
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