LOUDONVILLE, New York (WWNY) – Large majorities of New Yorkers say they are spending more today on groceries, housing, and transportation than they were two years ago.
That’s according to a new Siena College survey of New York residents released Wednesday.
“We hear it again and again, things just cost more,” said Don Levy, who’s director of the Siena College Research Institute. “Eighty-one percent are paying more for groceries, 66% for housing, and 65% for transportation compared to two years ago.”
Seventy-nine percent say inflation has had a negative impact on their finances, and 70% say that inflation is still a big problem.
When it comes to money, a third of New Yorkers say they are falling behind, including half of those earning $50,000 or less.
Forty-nine percent say their total household income increased over the last two years. Twenty percent say their income has decreased while 30% say it has remained the same.
Nearly half describe their financial situation as staying even and 19% said they are getting ahead.
A slim majority, 51%, say they are optimistic about their financial future, about a quarter are pessimistic, and 23% say they are neither optimistic nor pessimistic.
“Some New Yorkers do feel as though they are getting ahead financially,” Levy said. “Half of all residents, 61% of those earning $100K or more, have seen their incomes increase, and despite increasing monthly costs, one in five of all New Yorkers and a third of higher earners say that they are getting ahead.”
But, Levy said, “with more than a quarter of New Yorkers carrying high interest credit card debt from one month to the next, 18% saying they or a household member has had a debt placed into collections recently and 43% saying that they do not have $2,000 in savings for a rainy day, the stress on many residents is apparent.”