A recent US Census survey (which allows multiple responses) reveals that 2/3s of respondents are meeting at least some of their spending needs solely from regular income sources (salaries from their jobs). Notably, this means that 1/3 of respondents have no work income.
Over 1/3 of respondents are relying on borrowing from credit cards or loans and 27% are relying on savings or selling assets to meet their needs.
The survey also reveals that 15%+ of the respondents are relying on some form of government assistance to help meet their needs.
In a healthy economy, consumers would be able to meet almost all their spending needs from the regular pay provided by their jobs.
Follow us on LinkedIn, Twitter, Facebook, and YouTube!
Disclaimer of Liability
