It appears that Americans’ optimism over their personal finances and the economy has taken a turn for the worse, as over half are gravely concerned they may not be able to make ends meet.
A recent Economy and Personal Finance poll conducted by Gallup shows that 52% of respondents are worried about maintaining their standard of living, marking a 7 point increase compared to the same period one year ago. Likewise, 40% of Americans reported they are uncertain about their ability to make monthly bill payments, while 63%, 35%, and 22% said they are concerned about their retirement savings, rent and mortgage payments, and credit card bills, respectively.
The survey, which was conducted in the beginning of April, also showed that respondents’ rating of their financial health slumped substantially since last year, with one-third now reporting inflation and energy costs as one of the main financial burdens facing their household. As expected, the increased worry was concentrated among those households in lower income thresholds, particularly those making less than $40,000 per year.
Almost three out of four poor American adults said they are worried about sustaining their standard of living, marking a 17-point increase since compared to last year’s survey results, while only 36% of wealthier respondents said they share similar sentiment.
Information for this briefing was found via Gallup. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.