DULUTH, Ga.–( BUSINESS WIRE )–Primerica, Inc. (NYSE: PRI), a leading provider of financial services and products in the United States and Canada, announced today the release of the Primerica (NYSE:) Household Index™ (HBI™), a monthly index that reflects the purchasing power of middle-income households by income between $30,000 and $130,000. In August 2024, the average purchasing power for middle-income families was 102.2%, up from 101.5% in July 2024. Purchasing power reached its highest February level since 2021 in August and was 5% higher than a year ago, when the index stands. at 97.2%. Middle-income households benefited from falling gas and utility prices and steady food prices.
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Primerica Household Budget Index™ – In August 2024, average purchasing power for middle-income families was 102.2%, up from 101.5% in July 2024. Spending power reached its highest level since February 2021 in August and was 5% more higher than a year. ago, when the index stood at 97.2%. (Graphic: Business Wire)
For more information about the Primerica Household Budget Index™, visit www.householdbudgetindex.com.
About the Primerica Household Budget Index™ (HBI™)
The Primerica Household Budget Index ™ (HBI ™ ) is constructed monthly on behalf of Primerica by leading economics consultant Amy Crews Cutts, PhD, CBE ® . The index measures the purchasing power of middle-income families with household incomes from $30,000 to $130,000 and was developed using data from the U.S. Bureau of Labor Statistics, the U.S. Census Bureau, and the Federal Reserve Bank of Kansas City. The index looks at the costs of necessities including food, gas, utilities, and health care and earns income to track differences in inflation and wage growth.
HBI™ is shown as a percentage. If the index is more than 100%, the purchasing power of middle-income families is stronger than in the initial period and they may have extra money at the end of the month that can be used for entertainment, extra savings, or debt reduction. If it is less than 100%, the household may have to reduce overall spending to a level below the budget, reduce savings or increase debt to cover expenses. HBI™ uses January 2019 as a baseline. This point in time represents the new normal economic period before the COVID-19 pandemic.
Periodically, previous HBI™ values may change due to revisions in the CPI series and Consumer Expenditure Survey Releases by the US Bureau of Labor Statistics (BLS). Beginning with the release of the HBI™ data in October 2023, health insurance costs will no longer be included in the HBI™ data calculations as part of the health care component due to some recognized methodologies that have been used by the BLS to calculate the health insurance CPI. The health insurance CPI, as calculated by the BLS, does not measure the cost of health insurance consumers such as the cost of premiums paid or the combination of premiums and deductibles, but the value of premiums retained by health insurance companies, which we do not believe accurately reflects the consumer experience. . The health component will continue to include medical services, prescription drugs and equipment. Previously published values have been adjusted to reflect this change. For more information, visit householdbudgetindex.com.
About Primerica, Inc.
Primerica, Inc., headquartered in Duluth, GA, is a leading provider of financial products and services to middle-income households in North America. Independently licensed representatives educate Primerica clients on how to prepare for a more secure financial future by assessing their needs and providing appropriate solutions through term life insurance, endowment, and mutual funds, annuities and other financial products, distributed primarily on their behalf. from a third party. We insure approximately 5.7 million people and have approximately 2.9 million client investment accounts as of December 31, 2023. Primerica, through its insurance subsidiaries, is the #2 issuer of Term Life insurance coverage in the United States and Canada in 2023. Primerica shares are included in the S&P MidCap 400 and Russell 1000 stock indexes and are traded on the New York Stock Exchange under the symbol PRI.
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Public relations
Gana Ahn, 678-431-9266
gana.ahn@primerica.com
Investor Relations
Nicole Russell, 470-564-6663
nicole.russell@primerica.com
Source: Primerica, Inc.
