Gallup Survey Shows 55% of Americans Feel Finances Are Deteriorating

A Gallup survey released in April found that 55 percent of Americans report that their finances are getting worse, and the same percentage stated that recent price increases have made it harder to maintain their standard of living. Douglas White, director of the Center for Business and Economic Research at LSUS, attributed this to inflation, noting general inflation printed at 3.7 percent year over year. White added that even if inflation slows, current high prices are already established and will continue to rise from that new higher level.

The findings indicate that rising costs for everyday essentials, such as beef which is up 8 to 10 percent, are significantly weighing on American households. White noted that meaningful financial relief is unlikely unless income increases to match the current rate of price increases.