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Household Income Satisfaction Reaches 71%: Here’s What You Need to Know

Household income satisfaction is at a new time high. (Photo: Fox Business)

Household income satisfaction is at a new time high. (Photo: Newsela)

As inflation continues to wreak havoc on many people’s budgets and the job market remains choppy, with “job hopping” becoming the norm, a new poll reveals that, surprisingly, household income satisfaction is at a new time high.

Gallup recently showed high household income satisfaction levels in nine aspects of living and discovered that 83% were satisfied overall. Among the categories were family life, housing, job, education, community, personal health, leisure time, the standard of living, and household income. All categories received 71% or higher satisfaction ratings.

The new increase in household income satisfaction could be due to fewer Americans living paycheck to paycheck. The percentage of households that survive on weekly or biweekly earnings is now 60%, down from 64% a year ago. CNN reported in late January that wages for American workers were up 5.1% overall (though not fully in line with inflation), which could also point to the new development.

READ ALSO: Low-Income Households Are More Affected By Inflationary Food Prices – Here’s The Reason Why

Household income satisfaction is at a new time high. (Photo: Fox Business)

1. Apply for new jobs: According to Business Insider, now is a great time to consider changing jobs if you are unhappy in your current position and want to increase your pay. Of course, you should first discuss a raise with your current employer, but if they are unwilling to adjust your payment, the job market is incredibly strong right now and may have a better fit for you.

2. Add a side hustle: A side hustle can be a great way to supplement your income without drastically altering your lifestyle. Most are flexible and allow you to work on your schedule, and working a few hours per week can add up to more monthly income.

3. Look for passive income opportunities: Passive income is exactly what it sounds like: you don’t have to work as hard as you would at a full-time job to earn more money.

4. Sell items you already own: Spring cleaning can be used for more than just decluttering your home; it can also be used to generate income. If you have unwanted clothes, consider selling them on an app like Poshmark, or sell toys and electronics on Facebook Marketplace. You could also rent out areas of your home for extra money – people will pay good money to rent pools by the hour, use your garage for storage, or even park their cars in your driveway.

READ ALSO: Here’s How To Claim Your 2023 Earned Income Tax Credit (EITC)

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