Gallup, the public opinion polling and consulting company, conducted its annual survey of the economy and personal finances between 1,018 people who live in the United States. The survey was conducted from April 1 to 27 and found that people’s ratings, in terms of personal finances, they are falling amid rising prices caused by inflation.
Gallup points out that Americans are more pessimistic about their finances, since the 46% of US adults, vs. 57 % of last year, rate their financial situation as “excellent” or “good”. The current figure is the lowest since 2015, although somewhat better than the trend lows recorded between 2008 and 2012, when only the 41 % rated their finances positively.
The survey found that the 41 % of Americans describe their financial situation as “fair”, while the 16 % say they are “poor”. This last figure is almost double the 9% of last year, although slightly lower than 19 % who said it in 2009 and 2010.
Another relevant fact is that the 37% of Americans say their financial situation is improving and the 48% say it is getting worse, a change from last year, when most said their finances were improving.
Current figures are similar to what they were in April 2020 during the early stages of the coronavirus pandemic, as well as during the Great Recession in 2008. Gallup notes that in most years the survey has been done, Americans have been optimistic rather than pessimistic about the trajectory of their finances.
Inflation is the top concern this year among Americans in all income groups, but it is mentioned more frequently by high-income households (37%) than middle-income (32%) or low-income (27%).
Other common personal financial concerns this year among American adults are lack of money or low wages (11%), the costs of owning or renting a home (8%), health care costs (7%), and excess debt (7%).
Gasoline prices are causing difficulties for about half in the US, as the 52% says that the increases received Gas prices have caused financial hardship for their households.
Gallup asked this question in the past when gas prices were rising. Significantly more Americans said they were being hurt financially by rising gas prices in 2008, 2008 and 2011 than now. The high points were 72% in September of 2005 and 71% in May of 2008.
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