00:00It's Benzinga, bringing Wall Street to Main Street!
00:02Affordability remains the defining challenge for economic mobility, according to a new
00:06report from the McKinsey Institute for Economic Mobility and the W.K. Kellogg Foundation.
00:11The survey of 30,000 Americans found 90 percent cited grocery and food prices as their top
00:16cost concern, ahead of housing and healthcare, according to a CNBC report.
00:20Food prices rose 3 percent year-over-year in June, while food-at-home prices increased
00:24about 25 percent over the past five years.
00:27Nearly 1 in 10 adults used buy now pay later loans for groceries, and about 35 percent
00:32of those borrowers missed a payment and risked fees or other penalties.
00:35A separate survey found 29 percent of BNPL users had financed grocery purchases, up from
00:4114 percent two years earlier.
00:42Researchers said rising food costs are putting sustained financial pressure on families across
00:47income levels and contributing to larger debt burdens.
00:49For all things money, visit Benzinga.com.
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