A new annual survey finds New Yorkers across income brackets feel financially strained.
The Community Service Society of New York survey finds the state’s growing unaffordability makes it harder for people to save money. More than a third of moderate-income New Yorkers use credit cards or short-term debt to make ends meet.
Rachel Swaner – vice president for policy, research, and advocacy for the organization – said implementing universal child care would greatly reduce the cost of living for some families.
“For families, child care is one of their big expenses,” said Swaner. “That’s one example of a universal program that cuts across income levels because what we’re hearing is that people in moderate and even some of the higher income levels are taking on debt just to survive, and they need help too. They’re saying, ‘hey, we’re not eligible for the help too, but we need it.’”
While universal childcare gained momentum during the previous legislative session, funding for it wasn’t included in the state budget. Estimates find state residents annually spend an average of $22,000 per child – collectively spending $14 billion per year across the state.
Rent, groceries, utilities, and other everyday expenses have also grown to a point of unaffordability for many families. While the state is working to reduce rent costs, and residents have fought back on some utility rate increases, Swaner said it’s not enough.
She added that many families are on a “benefits cliff,” when they make too much for government assistance, but can’t afford life otherwise.
“A small increase in their wage might make them no longer eligible,” said Swaner, “but the child care subsidy they got might have been worth $10,000, and the increase in their wage is not going to equal $10,000.”
“Federal cuts to health care and housing access programs are expected to increase costs for many New Yorkers. These have been touted as cost-saving measures by the Trump administration.
Swaner said she wishes elected officials had a better understanding of what it takes for Americans to save money and find financial footing.
“We know financial security requires more than just income,” said Swaner. “So, not just their steady paycheck, which many of them are talking about having, and they’re saying, ‘even when we work 40 hours a week, we can’t save,’ but also having emergency savings, and retirement funds, or other financial cushions.”
Edwin is a reporter and producer in North Tonawanda, New York. He’s previously reported for the Niagara Gazette and the Ithaca Times. Edwin got an early start in radio interning for WBFO-88.7FM, NPR’s Buffalo affiliate. In 2018, he graduated from SUNY Buffalo State College with a B.A. in Journalism, and in 2022, graduated from Syracuse University with an M.S. in Communications.