As prices rise, fewer Americans feel secure in their financial health: survey


4 out of 10 Americans consider that their economic situation is getting worse.

Photo: FREDERIC J. BROWN/Getty Images

While prices continue to rise throughout the country, each time Fewer Americans positively perceive their financial situation compared to a year ago, according to Gallup’s annual survey of the economy and personal finance.

The 46% of American adults, up from 57% last year, rate their financial situation as “excellent” or “good”. The current figure is the lowest since 2015.

38% of respondents said their financial situation was “fair”, while 16% said their financial situation is currently “bad”.

Meanwhile, 37% of those surveyed said that their financial situation is improving, while the 48% of respondents said their current financial situation is getting worse.

Gallup noted that the current polling numbers are similar to those in April 2020 during the early stages of the covid-19 pandemic.

Inflation and gasoline prices, the big problem

In another survey question, the 67% of respondents said they have enough money to live comfortablywhich represents 4% less than last year.

While, 32% of those surveyed mentioned inflation as the most important financial problem in the country. Of these, 10% said that energy costs or gasoline and oil prices are the main problem.

In addition, 70% of respondents from low-income backgrounds said that the recent increase in the price of gasoline has caused financial difficulties in their households, with the 51% of respondents from middle-income households and 35% of respondents from high-income households, who also said the same.

According to the survey, Americans are generally less likely to say they are experiencing financial hardship due to high gas prices if they believe the increases are temporary rather than permanent.

Currently, the 57% predict rising gas prices will be a temporary changewhile 42% expect it to be permanent.

On the topic of inflation, 37% of respondents from high-income households believe that inflation is a major concern for the country, while 32% of respondents from middle-income households and 27% of respondents of low-income households agree.

The Gallup’s latest poll was held from April 1 to 19. No sample size or margin of error was provided.

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