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Middle-class families share how much they have in their savings accounts and it's eye-opening

"We make the most money we ever have and have zero savings. We live paycheck to paycheck and every month I don’t know how we get by."

Photo by Karolina Kaboompics/Pexels

Many middle class families are sharing that they have nothing in savings right now.

According to an April 2024 Gallup poll, 54% of Americans identify as part of the middle class, with 39% identifying as "middle class" and 15% identifying as "upper-middle class." That percentage has held fairly steady for years, but what it feels like to be a middle-class American has shifted for many.

Notably, inflation caused by the pandemic has hit middle-class families hard, with incomes not keeping up with cost-of-living increases. Housing costs have skyrocketed in many areas of the country, mortgage interest rates have risen to levels not seen since the pre-Obama era, and grocery bills have increased significantly. One government study found that the cost of living has increased between around $800 and $1,300 a month, depending on the state, since 2021, putting a squeeze on everyone, including the middle class.

How much money do middle-class Americans have in their savings accounts?

One woman shared that her family is just getting by and asked other middle-class people to "chime in" with what they have in their savings accounts.

@abbyy..rosee

somethings gotta give #savings #middleclass #relatable

"I swear, every paycheck I am putting money into my savings, but needing to transfer it back within a few days," shared @abbyy..rosee on TikTok. "My registration is due. My husband's registration is due. He needed two new tires, even though they had a warranty. That's $300. My oldest needs braces, he needs a palate expander, that's $120 a month. Not to mention groceries are $200 more a week. Forget about feeding your family great ingredients because who has $500 a week to spend on perfect ingredients to feed your family?"

middle class, cash, savings, family finances, dollar bills, A depressed couple doing their bills.via Canva/Photos

She explained that her husband makes enough money that they should be able to live comfortably, and that she quit her job because the cost of daycare was more than she was making.

"At some point, something has to give," she said. "What is going on? How do I save money?"

People in the comments chimed in with their savings account totals and it was quite eye-opening. Many people shared that they have $0 saved.

"We make the most money we ever have and have zero savings. We live paycheck to paycheck and every month I don’t know how we get by."

"I think the middle class is 1 personal disaster away from bankruptcy."

"Y’all got savings accounts?!?! 😂"

"I used to freak out if I had under $10k in savings, now I’m happy when I have over $150. 😫"

"We make almost 100,000 a year with no savings!!!! It's always something!!"

"I'm lucky if we have $500-$1K for an emergency. Every single time we start saving, something happens: the vet, the cars, the kids... something."

"Savings account? I transfer money each paycheck but always end up needing to transfer it back. My husband makes great money too but we are scraping by."

"$803 but we have to pay a $750 deductible this week b/c my Husband hit a deer soooo… back at it 😭 It’s exhausting. Constantly draining it, refilling it, transferring."


middle class, cash, savings, family finances, dollar bills, An upset couple doing their bills.via Canva/Photos

Some people shared that they do have some savings, but several said it was because they'd had an inheritance or other chunk of money come their way. Many people shared that their savings has dwindled as increased costs have taken their toll. Some people gave lifestyle advice to save money, but most agreed that just the basics have gotten so expensive it's harder to make ends meet much less put extra into savings.

Thankfully, the inflation issue appears to be waning, but even just plateauing at their current financial reality isn't ideal for many American families. Middle class is supposed to be a comfortable place to be—not rich, but well enough off to feel secure. That's not how many middle class folks feel, though. Most Americans don't have anything close to the amount of money saved that is recommended across the age spectrum, but at least hearing that others are in the same boat is somewhat comforting.

middle class, cash, savings, family finances, dollar bills, An upset couple doing their bills.via Canva/Photos

Further, a 2024 study found that 37% of Americans can't afford an unexpected expense over $400, and nearly a quarter of them don't have any emergency savings at all. “Not all surprises are good, and people know it. The study suggests financial precarity at a time when household finances may be stretched due to rising prices and inflation,” says Rebecca Rickert, head of communications at Empower. “Life happens, and people are stressed about the surprise expenses that could tip them off-balance.”

It can be vulnerable to share your financial reality, but it's helpful to hear what other people are doing and dealing with so we all feel less alone when we're struggling. Perhaps if people were more open about money, we'd all be able to help one another find ways to improve our financial situations rather than lamenting our empty savings accounts and wondering how to change them.

This article originally appeared last year.

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Family

People are debating the merits of a 24-hour daycare and the discussion is eye-opening

There seems to be a lot of misunderstanding about the need for this.

StableDiffusion

Are 24-hour daycares a good idea?

Millions of American parents utilize daycare centers while they work. Since most people work during the day, most daycare center hours fall somewhere between 7:30am and 5:30pm. It's rare to find a daycare that's open after normal working hours.

But one "24-hour" daycare in Houston captured people's attention—and sparked a debate—when a mom posted about it on TikTok.

Adventure Kids Playcare in Houston isn't actually open 24 hours a day but it does offer childcare up to 10:00pm during the week and until midnight on Friday and Saturday nights. In the video, the mom drops her daughter off and we hear the employee tell her they close at midnight. The mom later says she picked her daughter up at 11:55pm.

Reactions to the video rand the gamut from "24-hour daycares are a brilliant idea for parents who work odd shifts" to "Moms shouldn't be leaving their kids at a daycare late at night just so they can go out," sparking a fascinating and eye-opening discussion.

First, here's the video that kicked off the whole debate:

@watchingalicia

😅😅🤷🏾‍♀️ #fypシ゚viral #fyp #girlmom #daughter #momsoftiktok #parenting #momlife

The video hit the popular Instagram account The Shade Room where people debated whether this kind of daycare arrangement was a positive or negative, and there was a wide range of opinions on all sides.

Some folks poo-pooed the idea of a 24-hour daycare center in general, which most people were quick to squash. Not everyone works a 9-to-5 job, and not everyone has access to people who can watch their kids in the evenings when they're at work, so a childcare center that's open late or all night provides a service some working parents might need.

"The convenience of a 24-hour daycare can't be overstated, especially for parents working unconventional hours," shared one X user. "It's a game-changer for the night shift workers and emergency responders who keep our cities running."

But a lot of the debate centered around parents leaving their kids at a care center not to work, but to go out at night and socialize. Some people felt strongly that it was inappropriate for kids to be up well past a standard child's bedtime waiting for their parent to pick them up. Some felt that a parent should have a babysitter come to the house so the child can sleep in their own bed and not be kept awake until late. On the flip side, others pointed out that a late night playing with other kids at a licensed, reputable facility would be fun for a lot of kids, and it may actually be a safer option than hiring a teenager to come stay at your house while your kid sleeps.

Others debated the appropriateness of a mother leaving her child at a facility late at night to go out on the town in general, stating that work is one thing but going out for purely social or personal reasons is another. Interestingly, this element of the discourse seemed to center entirely around mothers, which could be a whole other discussion for another day. Some people claimed that a mom dropping her kid off to go out late is being selfish and putting her needs above her child's. Others pointed out that all mothers—or parents—need breaks sometimes, and no one can judge what another parent does without knowing their full circumstances. As one commenter wrote, "Not everybody has a village."

The final fascinating split in this debate were the parents who feel unsafe leaving their children with anyone other than immediate family versus the parents who feel it's good for kids to have other caregivers and socialize with kids they don't know. The varying levels of trust or mistrust, comfort or fear parents have when it comes to their children offers some insight into how differently people view the world. Is one side right and the other wrong, or is it merely a difference in perception and personal preference?

If nothing else, hopefully the breadth of the discussion opened people's eyes to different viewpoints and to life circumstances they may not have considered. Often we can get stuck looking at and judging things through our own lens, forgetting that there's a whole big world of diverse situations we may not even be aware of that might make one person's "nope" another person's "yes, please and thank you."

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MIT professor shares his 'favorite new equipment' in his lab and it's seriously great

Troy Littleton/Twitter

While childcare challenges facing women in the workplace have come under the spotlight during the pandemic, the issue isn't new. As one of the only nations in the world without guaranteed paid parental leave as well as one without broadly subsidized childcare, parents often have to weigh childcare costs with their earnings and make tough choices between work and family.

In academia, where graduate students are working toward a career but aren't fully into one yet, figuring out how to balance family and studies on a limited income is also a challenge, which is why one MIT professor's photo of an addition to his lab has people cheering.

Troy Littleton, professor of biology at MIT, shared a photo of a portable crib squeezed in between a desk and a cabinet and wrote:

"My favorite new equipment purchase for the lab – a travel crib to go in my office so my graduate student can bring her 9-month old little girl to work when necessary and I get to play with her while her mom gets some work done. Win-win!!"

A flood of comments praising the professor poured in, as people shared how their own professors or bosses had similarly supported them and their children.

The praise reinforced the fact that pursuing a profession and building a family are not mutually exclusive endeavors and that creating ways to help parents—especially mothers, who tend to be the primary caregivers during the earliest years of a child's life—balance both things is a valuable move. While bringing a baby to work wouldn't work under all circumstances, allowing for the option when it can work can make all the difference in the world.

Interestingly, sprinkled throughout the comments of praise were comments of befuddlement from people outside of the U.S. Questions like "Don't you have paid leave when you have a baby?" and "You mean there aren't free childcare facilities on-site?" from Europeans, Australians, etc. brought home the fact that this childcare/career conundrum is largely a uniquely American thing.

Like many "feel good" stories of individuals stepping up to fill a hole where a social safety net should be, professor Littleton's post almost seems a bit sad in light of these comments. It would be great if we could structure our systems to be more family-friendly as a matter of policy. At the same time, his offering a way for his student to continue her studies while taking care of her baby illustrates a sense of understanding and compassion our society needs more of.

Thank you, professor Littleton, for serving as an example and opening people's minds to what is possible.

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