Financial worries of Americans surge – poll — Analysis

Americans are markedly more concerned about their personal finances compared to last year, with a significant portion reporting they’re “Thank you” or “Moderately concerned” about making ends meet, a Gallup poll released on Monday reveals. 

Poll respondents were concerned about their living standards, with 52 percent of them expressing concerns. This is seven points more than the year before. The sharpest increase was seen among those concerned about being able to pay their monthly bills, with 40% – an eight point uptick since 2021 – expressing worry over those responsibilities.

Concern had also grown by five points regarding rent and mortgage payments, credit card bills, and retirement savings – worries occupying the minds of 35%, 22%, and 63% of poll respondents, respectively. The only financial issues that had remained static were those related to medical bills and paying for their children’s education.

The poll was conducted in the first three weeks of April alongside another survey, which showed Americans’ personal estimation of their finances was similarly dismal and revealed that their financial self-image was in a downward spiral amid steep concerns about inflation and the cost of energy. The main concerns of most families are still medical expenses and retirement savings.     

Unsurprisingly, the number of financial concerns among the poor has increased faster than those among the wealthy. Nearly 33% of those with low incomes worry about how they will maintain their standard living standards, an increase 17 percentage points. This is compared to just 36% who are wealthy.

While the financial fears of Americans dipped last year as recovery from the Covid-19 depression appeared to be on the horizon, most of that optimism has been erased, with many of 2022’s negative figures matching or even eclipsing those reported in 2020.

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