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Primerica’s Financial Security Monitor: Middle-income families confident today, less optimistic about financial future | Your money

DULUTH, Ga.–(BUSINESS WIRE)–January 20, 2022–

Primerica, Inc. (NYSE: PRI), a leading financial services provider in the United States and Canada, released the Middle-Income Financial Security Monitor for the fourth quarter of 2021 – a national survey that measures changes in the feelings of middle-income families in the United States about their finances.

This press release is multimedia. View the full press release here: https://www.businesswire.com/news/home/20220119005986/en/

The survey found that 64% of middle-income households are confident in their current financial situation, in line with the August 2021 survey (65%). 68% expect their income to be below the cost of living over the next year, the highest number reported since the quarterly survey began in September 2020 (50%).

COVID concerns also remain a priority, with 82% saying they expect COVID variants to continue to grow and spread.

“As we enter a new year, middle-income families remain optimistic about their financial situation, while nearly 9 in 10 households believe that the rising cost of groceries and gas could have a impact on their budget,” said Glenn J. Williams, CEO of Primerica. “We are encouraged that people remain confident in their current financial situation, but we have also seen an increase in credit card debt – a factor that makes it even more important for families to take action now to secure their financial future.

Key Findings from Primerica’s Middle Income US Financial Security Monitor

  • Concern about the cost of living rising to a record high. While a majority of them have a positive view of their personal finances at the moment, a growing number of them feel that their income is lagging behind the cost of living (up 18 points from to September 2020).
  • Most expect COVID-19 to continue throughout the year. Only 18% of middle-income Americans expect COVID-19 to gradually disappear in 2022. A majority (82%) believe the variants will continue to develop and spread.
  • A third expect to change jobs next year. A third (33%) say it is very (12%) or somewhat (21%) likely that they will change jobs in 2022. The main reasons for this are higher salaries (53%), an aversion to their current job (37%), and seeking better benefits (25%).
  • Those who have increased their credit card debt in the past three months to an all-time high. More than a quarter (28%) of middle-income Americans have seen their credit card debt increase in the past three months, up 10 points from a low of 18% in April 2021.

Data on main trends:

Dec.
2021

August
2021

Apr.
2021

Dec.
2020

SEP.
2020

How would you rate the state of your personal finances? (Mark “Excellent” and “Good” responses.)

4th quarter 2021 survey: Confidence in personal finances reported, consistent with previous reports.

64%

65%

67%

57%

64%

Overall, would you say your income is…? (Report on “Falling behind the cost of living” responses.)

4th quarter 2021 survey: Concern over the rising cost of living at the peak of the survey’s history.

68%

65%

56%

59%

50%

Do you have an emergency fund that would cover an expense of $1,000 or more (for example, to use if your car breaks down or you have a large medical bill)? (Mark “Yes” responses.)

4th quarter 2021 survey: Fewer have an emergency fund that would cover an expense of $1,000 or more.

60%

65%

66%

56%

61%

How do you rate the economic health of your community? (Reporting “Not so good” and “Poor” responses.)

4th quarter 2021 survey: Half rate the economic health of their community negatively.

50%

54%

52%

57%

45%

How would you rate your ability to save for the future? (Reporting “Not so good” and “Poor” responses.)

4th quarter 2021 survey: More than 60% believe it will be difficult to save for the future, according to the previous survey.

62%

63%

58%

65%

54%

In the past three months, has your credit card debt…? (Reporting “augmented” responses.)

4th quarter 2021 survey: More have increased their credit card debt over the past three months.

28%

21%

18%

25%

21%

About Primerica’s Middle Income Financial Security Monitor

The Monitor is a recurring national survey aimed at monitoring the financial health of people with annual household incomes between $30,000 and $100,000 in 2020. Change Research conducted an online survey from December 12, 2021 to December 15, 2021. Using dynamic online sampling, Change Research surveyed 925 people. adults over 18 years old. Post-stratification weights were made on gender, age, race, education, and census region to reflect the population of these adults based on five-year averages from the published American Community Survey 2018 by the US Census. The margin of error is 4.0%.

About Primerica, Inc.

Primerica is a leading provider of financial services to middle-income households in the United States and Canada. Certified Financial Representatives teach Primerica customers how to prepare for a more secure financial future by assessing their needs and offering appropriate products such as term life insurance, mutual funds, annuities and more financial products. Primerica insured more than 5.5 million people and had more than 2.6 million customer investment accounts as of December 31, 2020. Primerica was the second largest issuer of term life insurance in North America in 2020 through its insurance company subsidiaries. Primerica stock is included in the S&P MidCap 400 and Russell 1000 stock indices and trades on the New York Stock Exchange under the symbol “PRI.”

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220119005986/en/

CONTACT: Primerica, Inc.

Media Relations:

Keith Hancock, 470-564-6328

[email protected]

Investor Relations:

Nicole Russell, 470-564-6663

[email protected]

KEYWORD: GEORGIA UNITED STATES NORTH AMERICA CANADA

SECTOR KEYWORD: PROFESSIONAL SERVICES OTHER PROFESSIONAL SERVICES INSURANCE FINANCE CONSULTANCY BANK

SOURCE: Primerica, Inc.

Copyright BusinessWire 2022.

PUBLISHED: 01/20/2022 00:01 / DISK: 01/20/2022 00:02

http://www.businesswire.com/news/home/20220119005986/en

Copyright BusinessWire 2022.