The report by SUNY New Paltz and the Siena College Research Institute finds 78 percent of families in Dutchess, Ulster, Orange and Sullivan Counties are facing financial hardship as a result of rising prices, and six in 10 households are living paycheck-to-paycheck.
Kathleen Tobin, with the Benjamin Center for Public Policy Initiatives at SUNY New Paltz, says it is clear families are stressed about their finances and struggling to make ends meet. She says housing, childcare, healthcare, and utility costs are the biggest stressors right now.
"There's a lot of economic and financial vulnerability out there right now, and people are very stressed about the cost of living," adds Tobin.
The poll is the first in a broader project by the Benjamin Center to track a term that has been a clarion call for New York lawmakers this year: affordability. Governor Kathy Hochul has proposed expanding the child tax credit and issuing one-time inflation refund checks of up to $500 per home to low and middle-class residents. That budget is still being negotiated, two weeks after the deadline.
It also comes amid a trade war between the U.S. and its trade partners, a slew of new tariffs announced by President Trump, and fears of a global recession. Trump paused some of his tariffs Wednesday, but stocks have tumbled in recent weeks.
Suzanne Shu, a professor of marketing at Cornell’s SC Johnson School of Business, says the best way to ride out a recession is by building up an emergency savings.
“Preparing ahead is things like making sure you have enough in savings to be able to tide you over for a month or two, if your hours are cut, or worse case, you’re out of work," says Shu. "Being able to purchase ahead for things that prices could go up on.”
Setting money aside isn’t realistic for those living paycheck-to-paycheck, though. According to the Benjamin Center report, 51 percent of households in the four-county region could not cover their current monthly bills and expenses if they unexpectedly lost their main source of income. 38 percent have no retirement savings, and a majority of households say Social Security will be vital to their economic wellbeing in retirement.
Shu also recommends reducing non-essential spending and avoiding any far-out commitments you can’t cancel: like distant travel plans, year-long subscriptions, and car loans. The Benjamin Center report says 70 percent of residents are already reducing their non-essential spending, and some are cutting back on essentials like healthcare.
“Healthcare costs are basically impeding timely medical care and worsening household finances," says Tobin. "One in four households has someone who either delayed or didn’t get needed medical care, and three in 10 households have medical debt. They have medical bills that they can’t pay off all at once, and they have to spread off month to month.”
Christine Hein, executive director of People’s Place in Kingston, says it’s important to familiarize yourself with the various nonprofits and resources in your area — and it appears people are. Hein says utilization of the People’s Place food pantry, thrift store, community café and “wellness empowerment center” spiked during the COVID-19 pandemic, and hasn’t let up.
“There are a lot of folks that are really struggling. And they’re working — some of these people are working two or three jobs," she notes. "People’s Place is here for them. I think one of the biggest misconceptions is: you do not need to already be getting assistance (SNAP, or any other kind of assistance) to be able to use People’s Place.”
In addition to the food pantry, Hein says People’s Place offers free exercise classes, yoga, nutrition workshops, financial literacy courses, haircuts and lunches for children over the summer. Services are available to all Ulster County residents, and anyone passing through. Other organizations, like Ulster County Community Action, can connect residents with energy assistance programs, free weatherization for their homes, and Head Start programs.
Tobin says the Benjamin Center poll aims to give researchers a baseline as it tracks affordability going forward and explores potential solutions. She says it also gives a closer look at how nationwide discussions around inflation play out at a local level.
“Obviously we have a ways to go," she says. "Big majorities are struggling, and hopefully these numbers will go down. But yes, we’re in a moment in time that appears to be quite volatile. Now we know where we’re at at the moment, and we’ll be able to come back later to see if things improve or worsen.”
