Nearly half of Americans say they're worse off financially than a year ago
Summary
Almost half of Americans say their financial situation is worse than a year ago, with many feeling less hopeful about improvements. Rising inflation and high gas prices are making it harder for people to manage money, even though job hiring is increasing.Key Facts
- 48% of Americans reported their finances were worse in May than the year before, the highest since January 2023.
- Fewer households expect their financial situation to get better in the next year compared to those expecting it to worsen.
- Inflation is rising, partly due to higher oil and gas prices influenced by the war in Iran.
- The May Consumer Price Index is expected to show inflation at 4.2%, the highest in three years.
- About 15% of Americans believe they might lose their jobs within a year, slightly above the average.
- Confidence in finding a new job is at its lowest since December 2025.
- Wages grew by 3.4% annually in May but inflation of 3.8% means people’s buying power is shrinking.
- Credit card late payments are at their highest level since 2011, indicating more financial strain.
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