Most Americans view rising living costs as biggest barrier to a better life

The Guardian - 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’s a significant barrier to achieving a better life: the rising cost of living.

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.

In interviews that accompanied the survey, respondents often defined financial security as being able to afford basic necessities without worry.

“A 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 – as well as being able to have enough left over to save for the future for retirement and vacations,” said a 35-year-old respondent from Dearborn Heights, Michigan.

Though it may appear to be a simple goal, many Americans believe it’s out of reach. Forty per cent of respondents described themselves as either “getting by but financially vulnerable” or “struggling to meet basic needs”. 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.