Almost Half of Americans Can’t Afford A Major Purchase Right Now

January 11, 2016

This article is included in these additional categories:

Household Income

Gallup-US-Adults-Financial-Health-by-HHI-Jan2016Source: Gallup

    Notes: Some 48% of American adults surveyed throughout 2015 believe they would be unable to right now make a major purchase, such as a car, appliance or furniture, or pay for a significant home repair if they needed to. That’s according to a Gallup analysis of daily tracking poll data, which finds that the threshold household income level for being able to afford a major purchase is around $48k.

    Even so, 7 in 10 adults say they have enough money to buy the things they need, and that includes almost half (49%) of those in households with income of $12-24k. Indeed, almost 6 in 10 adults in the $24-36k income band say they have enough money to buy the things they need.

    Finally, a majority (60%) of adults surveyed during the year said they are cutting back on how much money they spend each week. That figures includes a majority of respondents in all income bands up to $120k per year, although a sizable 37% of those with $240k or more in household income also report cutting back on their weekly spending.

      Related: Baby Boomers’ Spending Trends, by Category

        About the Data: The results are based on telephone interviews conducted Jan. 2-Dec. 30, 2015, on the Gallup U.S. Daily survey, with random samples of adults, aged 18 and older, living in all 50 U.S. states and the District of Columbia. Each of the three financial statements was asked of a random subset of approximately 44,500 respondents during this period. For results based on the sample of national adults who responded to each question, the margin of sampling error is ±1 percentage point at the 95% confidence level.

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