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Middle class in dire straits

Published : Wednesday, 5 February, 2025 at 12:00 AM  Count : 828
Bangladesh's middle class-the silent architects of the nation's progress-are increasingly finding themselves trapped in a tightening vise of rising costs and stagnant wages. They serve as the vital link between the affluent and the less fortunate, contributing to stability, culture, and national development. Yet, beneath a surface of normalcy, they are waging a silent battle against financial strain and societal pressure, often hidden behind closed doors. 

This article seeks to shed light on the hidden struggles of middle-class families, the rising costs suffocating their aspirations, and the urgent need for both societal and governmental intervention.

The Middle-Class Dilemma: Caught in a Tightening Vise of Rising Costs and Stagnant Wages: The current economic landscape has been unforgiving for the middle class. The cost of living has surged exponentially, while salaries remain largely stagnant. According to recent reports, Bangladesh's inflation rate reached 9.74% in 2023, disproportionately affecting middle-income families who neither qualify for government aid nor possess the financial cushion of the wealthy. 
Housing costs in urban centers have risen by nearly 30% in the past five years, making it harder for families to afford a stable home, pushing many to the fringes of cities or into overcrowded living situations.   Private school fees have jumped 15-20% annually, forcing parents to take on debt to secure quality education for their children, a cornerstone of middle-class aspiration. Consider the story of a teacher in Dhaka who, despite working overtime, had to skip meals to afford his daughter's school fees-a story that sadly echoes across countless households.   Healthcare expenses are spiraling out of control. Public hospitals remain overcrowded and under-resourced, pushing middle-class families toward costly private treatment, where a single medical emergency can wipe out a family's life savings.  

For many, life has become a precarious balancing act-struggling to maintain a semblance of stability while cutting corners on essential needs.

The Silent Struggle Behind Closed Doors: Unlike the underprivileged, whose struggles are widely recognized, the middle class bears its burdens in silence, cloaked in a veil of dignity and societal expectations. They hesitate to voice their concerns, fearing judgment or the stigma of financial insecurity. 

To keep up appearances, many families accumulate debt through credit cards, personal loans, and informal borrowing, hesitant to acknowledge their difficulties even to close friends. A 2022 study revealed that 60% of middle-income earners in Bangladesh rely on loans to manage daily expenses, yet few openly admit their distress.

Beyond government action, society must change its perception of success and economic struggles. Seeking financial help should not be stigmatized but rather encouraged as a responsible decision. Employers must ensure fair wage adjustments in response to inflation, and communities must foster empathy instead of judgment for those facing financial hardship.

This reluctance to seek help deepens the crisis. Mental health issues stemming from financial anxiety are on the rise, yet open conversations about economic stress remain rare. The burden of maintaining an illusion of financial stability often leads to emotional exhaustion and long-term insecurity. 
 The Weight of Expectations: Keeping Up at Any Cost: Social expectations further exacerbate the financial strain on the middle class. Many feel compelled to:   Live in expensive neighborhoods to maintain social standing, even if it means a longer, more expensive commute.   Send their children to elite schools, even if it means sacrificing other necessities, including family vacations or even savings.   Attend extravagant social events, such as weddings or religious festivals, fearing social exclusion if they do not conform, adding further pressure on already strained budgets.  

This relentless pursuit of perceived success creates a vicious cycle, pushing families into unsustainable debt and emotional distress. The fear of "falling behind" socially often overshadows their actual economic well-being.

A Call to Action: Policy Reform and Societal Change: The challenges of the middle class are not personal failures; they are systemic issues requiring structured intervention. A two-pronged approach-government policy reform and societal awareness-is crucial to alleviating their burdens.

Government Policies for Middle-Class Empowerment: To protect and uplift this vital demographic, the government must:   Introduce targeted tax benefits and financial incentives for middle-class households, particularly in education and healthcare. This could include adjusting income tax brackets, providing property tax relief, or offering tax credits for educational and medical expenses. This approach empowers them to manage their finances better without direct handouts.   Enforce effective rental control measures to prevent exploitative rent hikes in major cities. Exploring successful models from other countries could provide valuable insights.   Expand access to affordable loan programs with reasonable interest rates to provide financial stability and opportunities for growth without the risk of long-term debt traps.   Strengthen public healthcare and education, ensuring quality services so families are not forced into costly private alternatives. This includes increasing funding, improving infrastructure, and ensuring adequate staffing. This empowers them by providing viable alternatives.   Promote financial literacy programs to equip the middle class with the knowledge and tools to make informed financial decisions, further empowering them to navigate economic challenges.

A Shift in Societal Perception: Beyond government action, society must change its perception of success and economic struggles. Seeking financial help should not be stigmatized but rather encouraged as a responsible decision. Employers must ensure fair wage adjustments in response to inflation, and communities must foster empathy instead of judgment for those facing financial hardship.

A Future Where the Middle Class Can Thrive: The prosperity of the middle class is intrinsically linked to the stability and progress of Bangladesh. If ignored, their silent crisis could have far-reaching economic consequences, as they are the driving force of the nation's workforce and consumer base. 

It is time to acknowledge their struggles, amplify their voices, and implement meaningful reforms. By ensuring that the middle class is not left behind, we are not only securing their future but also fortifying the future of Bangladesh itself. 

The choices we make today will define the strength and sustainability of our nation's economic backbone. The question is: will we listen before it is too late?

The writer is an entrepreneur


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