In a recent survey conducted by Gallup, 35% of Americans believe that their financial situation has improved in the past year. In comparison, a staggering 50% believe that their financial situation has worsened. This is the highest percentage of people who reported being worse off financially since the 2009 economic downturn. The latest results of the survey, which was conducted from January 2-22, showed that the percentage of people who reported being worse off financially is the highest since the Great Recession era of 2008 and 2009.
The current economic scenario in the US has been impacted by persistent high inflation, a decline in stock market values, and an increase in interest rates. Despite these challenges, personal wages have increased substantially on average. The percentage of Americans who reported that their financial position had improved or worsened in 2021 and 2022 was 41% for each. However, before the pandemic in January 2020, 59% of Americans reported being better off compared to 20% who reported being worse off.
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According to the study, lower-income Americans are more likely to claim that their financial condition has become worse, with 61% stating that it has dropped and just 26% reporting that it has improved. On the other hand, middle- and upper-income Americans are also more likely to say that their financial situation has worsened, but by much narrower margins.
The survey results also showed a political element in how people evaluate their personal finances. Republicans were more likely to say that their financial situation had worsened, with 61% of Republicans reporting that it had exacerbated compared to 37% of Democrats. In contrast, more Democrats (47%) reported improving their financial situation.
Even with the current financial struggles of the American population, Americans remain optimistic about their financial situation over the coming year. 60% of Americans expect to be better off in the next year, while 28% predict that they will be worse off. This is the case even though Americans are largely pessimistic about the national macroeconomic conditions in the coming months. This optimism is in line with previous Gallup readings since 1977, with more people always expecting their financial situation to improve in the future.
In conclusion, the current financial situation in the United States has left a significant portion of its population feeling financially insecure. Lower-income Americans are the most affected, but Americans remain optimistic about their future financial situation. While the financial struggles of the population can be attributed to various economic factors such as unemployment and inflation, the country’s economy is still recovering from the 2009 economic downturn.
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