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Large families feeling the impact of inflation despite economic status

Cash money
Posted at 5:48 AM, Mar 07, 2022
and last updated 2022-03-07 08:56:13-05

(WXYZ) — From the outside looking in, you wouldn't think the Hernandez's upper-middle-class world was filled with financial struggle.

But Joe Hernandez works two jobs so his wife Adrienne can stay at home with the kids. Together they have 6 mouths to feed and lately, their combined costs have been costing a lot more.

"It is not really a sob story it's just a stressor on us," Joe said.

"We are really sitting on this idea that 7.5% whatever isn't really true I think for the larger families that have a lot more consumables."

Joe Hernandez is a numbers guy by trade and he says though he makes good money, he can't seem to outrun inflation.

He says living on a strict budget is their only option.

"I'd transfer money and try to keep ourselves limited," Joe said.

Management Professor Michael Greiner says middle to upper-class families are noticing the impact of inflation even more.

That's because income increases are coming in at a lower rate than inflation. In turn, their real income declines, and they can't afford as much stuff as before.

"That's the type of thing where people look at it and start to get really concerned for the future," Greiner said. "So I think this is something among average families. They are feeling very acutely right now."

The Hernandez's say they'll have to make cutbacks going forward. That includes no eating out, fewer family outings, and a delayed car upgrade

"Everything has been price adjusted so what we planned for we are now falling short of," Joe said.

However, the couple says they haven't lost perspective.

"It's harder for others," Joe said.