New Delhi, Oct. 17 -- Rising living costs are the biggest barrier to economic mobility for 60 per cent of Americans, while nine out of ten say food and grocery expenses are putting pressure on their household finances, according to a report by the McKinsey Institute for Economic Mobility.

The report said affordability pressures are affecting people's ability to plan for the future, pursue education, change jobs and make long-term investments, potentially limiting their chances of improving their economic position.

The research, based on a survey of 30,000 Americans, found that two-thirds identified greater financial security as their top aspiration, regardless of race, income or where they live.

"By far, the rising cost of living was t...