Lachlan Brown
Hi there, I’m Lachlan Brown, founder of Hack Spirit and a keen follower of mindfulness.
Let’s take a trip down memory lane.
A decade ago, the middle class had access to certain luxuries that were comfortably within their financial reach.
But times have changed.
Today, these same people are finding it harder to afford those very same things.
In this article, we’ll explore what’s changed in the last 10 years that’s making it harder for the middle class to maintain the lifestyle they once enjoyed.
Trust me, some of these might really surprise you.
Let’s get started.
1) Homeownership
Picture this: just a decade ago, owning a home was more than just a financial investment; it was a symbol of stability and success for the middle class.
But today, that picture looks very different.
The cost of buying a home has skyrocketed, far outpacing the growth of wages, making it increasingly difficult for middle-class families to keep up.
The hidden costs are often what tip the scales.
Property taxes continue to rise, home insurance premiums aren’t getting any cheaper, and let’s not forget the constant upkeep and maintenance that come with homeownership.
These additional expenses turn what was once considered a cornerstone of the middle-class lifestyle into a financial strain that many simply can’t shoulder.
It’s more than just an individual struggle; it’s a shift with profound economic and social implications.
Families are delaying retirement, missing out on opportunities to build equity, and losing the sense of security that homeownership traditionally provided.
For many, the only viable option is to step back into what feels like a safety zone—whether that means continuing to rent, downsizing ambitions, or relying on alternative housing solutions.
This isn’t just a personal choice; it’s a reflection of broader economic forces reshaping what it means to be middle class in today’s world.
2) Regular vacations
Holiday trips used to be a regular occurrence for middle-class families like mine.
I vividly remember my parents planning our yearly family vacation, packing up the car, and heading off to explore new places.
Fast forward to today, and the story is a little different. The cost of travel has skyrocketed.
Between the rising costs of airfare, accommodation, meals, and activities, taking regular vacations has become a luxury that many middle-class families can no longer afford.
It’s not just the cost either. With increased work pressures and reduced job security, many people can’t afford to take the time off work.
This shift is a real eye-opener.
It seems the middle class is being forced to change their vacation habits out of necessity.
3) Quality healthcare
Healthcare is a basic necessity, right? But unfortunately, quality healthcare is becoming a luxury for the middle class.
Insurance premiums, deductibles, and out-of-pocket expenses have all been on a steady incline over the past decade.
Now, many middle-class families are left to weigh the cost of medical care against other essential expenses.
In my book, “Hidden Secrets of Buddhism: How To Live With Maximum Impact and Minimum Ego,” I discuss the importance of living a balanced life.
This includes taking care of our physical well-being.
But what happens when the costs associated with maintaining our health become too much?
This rising healthcare cost is not just an economic issue but a moral one too.
It’s forcing middle-class individuals to make tough decisions between their health and their wallet.
It’s high time we recognize that affordable healthcare is not just an individual concern but a collective one.
4) Retirement savings
A decade ago, the idea of setting aside a portion of your income for your golden years was feasible, even expected.
However, with the rising cost of living and stagnant wages, many middle-class individuals are finding it increasingly difficult to save up for their retirement.
From a psychological standpoint, this is causing a significant amount of stress and anxiety.
The uncertainty of the future, coupled with the fear of not having enough to live comfortably post-retirement, can lead to mental health issues.
The inability to afford retirement savings is leaving the middle class defenseless against future financial suffering.
5) Eating healthy
Here’s a counter-intuitive one: Eating healthy.
Most would assume that maintaining a balanced diet would be accessible to everyone.
But in reality, the cost of fresh, organic produce and lean meats has risen dramatically over the past decade.
On the flip side, processed, high-sugar foods are often cheaper and more readily available, which is steering many middle-class families towards unhealthy eating habits.
This shift in diet not only affects physical health but mental health as well.
Numerous studies have linked unhealthy eating habits to increased depression and anxiety.
When it comes to affording healthy food, it seems the middle class is stuck in a problem not entirely of their own making.
6) Higher education
Once upon a time, a college degree was a ticket to the middle class.
Now, it’s becoming a luxury that many can’t afford.
Over the past decade, the cost of higher education has increased disproportionately to wage growth, leaving many middle-class families struggling to afford tuition fees.
As a result, students are taking on massive amounts of debt, which only exacerbates their financial struggles once they graduate.
This shift in affordability not only impacts individual futures but also the fabric of our society.
After all, education is the cornerstone of progress and innovation.
But with the rising cost of higher education, this privilege is becoming less accessible for the middle class.
7) Leisure activities
Remember when going to the movies, attending a concert, or joining a sports club was a regular part of life? Those days seem to be fading fast.
Entertainment and leisure activities have seen a steep price increase over the last decade.
This forces many middle-class families to cut back on these “non-essential” expenses.
The downside is that these activities often provide much-needed stress relief and contribute to our overall well-being.
Their absence can lead to a lower quality of life and increased mental strain.
But when the bar is set so high that even small joys become unaffordable, it can feel like happiness itself is out of reach.
8) Job security
With the rise of automation, the gig economy, and contract work, job security – something that was almost guaranteed a decade ago – is now becoming a luxury for the middle class.
The unpredictability of income and lack of benefits associated with these types of jobs can put a significant strain on financial stability.
It’s not just about making ends meet today; it’s about planning for tomorrow when tomorrow is uncertain.
This lack of security can lead to chronic stress, adversely impacting mental and physical health.
Our jobs and careers form a major part of our identity.
When job security is threatened, it feels like our very identity is under attack.
Final thoughts: The changing tide
We’ve taken a journey through various aspects of life that the middle class could comfortably afford a decade ago, which are now slipping out of reach.
From homeownership to quality healthcare, regular vacations, and even the simple pleasure of leisure activities – the landscape has dramatically shifted.
But it’s important to remember that change, though often difficult, is also a catalyst for growth and innovation.
It’s a chance for us to reassess our priorities and redefine what truly matters.
In my book “Hidden Secrets of Buddhism: How To Live With Maximum Impact and Minimum Ego,” I explore the concept of change from a Buddhist perspective.
It emphasizes the importance of living in the present and accepting change as an inherent part of life.
As we grapple with these financial challenges, we’re also presented with an opportunity: to redefine the middle-class lifestyle in a way that not only fits our budgets but also enriches our lives.
And as we become aware of these shifts in affordability, we can work towards creating a future that aligns with our new reality, rather than clinging to a past standard.
It’s in this awareness and acceptance that we’ll find our way forward.
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