More than half of Americans say their finances are getting worse
Summary
More than half of Americans say their financial situation is getting worse, the highest level in 25 years, according to a recent Gallup poll. Rising costs, especially for living expenses and energy, are the main concerns for many people.Key Facts
- 55% of Americans reported their finances are getting worse in a Gallup poll from April 1-15, 2024.
- This is higher than the 53% reported last year and 47% earlier in 2024.
- The current level is the highest since 2001, including during past recessions.
- For five years in a row, more Americans feel their money situation is getting worse rather than better.
- 31% of people said the cost of living is their top financial problem.
- 13% said energy costs are their biggest issue, up 10 points from last year and the highest since 2008.
- Inflation remains above past levels during President Donald Trump’s previous term but is lower than its peak in 2022.
- Gas prices rose sharply after the Iran war began on February 28, 2024, pushing the average price to $4.11 per gallon from under $3 earlier that year.
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