What sacrifices do you have to make to pay for your family’s healthcare and saving for your children’s college education? For many American families, they forgo meals out, new gadgets and new clothes to pay for these. Research by an online coupon and money saving website shows that over 50% of families can no longer afford to go out for meals in order to cover the rising costs of living.
With household bills mounting up, many American families are starting to forgo things they once enjoyed to be able to afford, specifically healthcare for their family and potentially saving for their child’s future college education. An online coupon and money saving website decided to investigate to find out what families have cut out, whether they still enjoy meals out or vacations, or if buying new things is an opportunity that has gone out of the window.
To find out where families feel the pinch, online coupon and money saving website www.coupondash.com surveyed over 1000 families in the US, asking: “What have you had to cut out or forgo to be able to afford healthcare for your family and save to pay for your children’s tuition fees?” Respondents could choose from a list as well as add their own responses. The majority of families, 52%, have cut out going out for meals, whilst 49% of families do not spend money on the latest gadgets. Most families forgo all of the options on the list, as well as other incidentals such as cable TV and mobile phone contracts.
What American families sacrifice to pay for escalating healthcare costs and tuition fees for their children:
- Meals out 52%
- Gadgets 49%
- New clothes 48%
- Days out 43%
- Vacations 34%
- Takeaways 26%
Respondents could also comment on how they have feel about these expensive.
On Healthcare costs
“I’m lucky my healthcare costs are reasonable.”
“I’m lucky I’m eligible for Obamacare”
“I cannot afford healthcare and don’t qualify for Medicare. I worry a lot about my situation.”
“I can just about afford my family’s healthcare, but I feel we should not have to sacrifice anything for it. It should be a human right and we should have universal healthcare like Canada, Israel and the UK.“
“My job pays for my healthcare insurance for my family.”
“I work two jobs to be able to afford healthcare without sacrificing any of the above. If not then I would have to make sacrifices.”
On Education costs
“We sacrificed a lot to save for our children’s college education but they didn’t end up going so we splurged on the stuff we had missed out on!”
“Even with sacrificing we couldn’t afford to pay for it so hope they get scholarships, don’t go or pay themselves.”
“We have sacrificed to be able to support our children through college, even if they get a good job it will still take them a very long time to pay it all back.”
“We wish we could afford to save for tuition for our children, but we can’t. It’s a shame costs are so expensive and prohibitive for those on low incomes.”
The research also showed that people living in suburban and urban areas were more likely to cut down on takeaways and buying new gadgets, whilst people living in rural areas were more likely to forgo meals out, new clothes and days out and vacations. In addition people on lower salaries were less likely to cut down on takeaways, compared to those on higher salaries. But when it comes to eating out, those on lower salaries were more likely to give up having a meal out than those on a high salary.
Speaking about the financial issues families in the US are facing Spokes Person at Coupon Dash said:
“In recent years we have seen our education and healthcare costs rise, as well as the cost of living for many families. However in that time wages have not risen to the same extent which is why we now find families forgoing little luxuries such as meals out, new gadgets and clothing, more so than vacations and days out as well as the odd takeaway as a treat. “
“Our study also showed where people live has an effect on what people were willing to give up as it varied across the US when comparing the data for those who live in urban and suburban areas and those living in rural areas. The level of salary respondents were on also dictated what sort of things they were willing to cut out or down on. It’s concerning that if the financial situation here in the US continues, we could see families cutting out more and more of the little things that give us pleasure.”
Posted by Yanira Farray on 11:32 am, With 0 Reads, Filed under Economy. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.