FILE – Thile file photo shows a wallet containing cash and a Visa card is displayed in Surfside, Fla. Fluctuating income makes budgeting hard for people who freelance, own a business or receive commissions or tips. (AP Photo/Wilfredo Lee, File)
Less than 30 percent of Americans are confident that they can keep up with their expenses as inflation continues to impact the economy, according to a new poll.
The results of a poll conducted by The Associated Press and the NORC Center for Public Affairs Research at the University of Chicago, and released on Friday, showed that only 29 percent of adults said they are “extremely” or “very” confident that they can keep up with expenses, marking a drop from the 45 percent who said so as inflation began to take effect in October 2021.
Pollsters also found that the percentage of adults who are confident they could find a job if they wanted to fell from 36 percent to 26 percent and those who are confident they could afford to pay an unexpected medical expense fell from 33 percent to 23 percent.
About 40 percent said they are somewhat confident they can keep up with expenses, while 29 percent said they are not very or not at all confident.
About three-quarters of respondents said their household expenses are higher than they were a year ago, while a third said their debt is higher. Almost half said their household savings were lower.
Still, just more than a third said their personal finances majorly contribute to their stress levels, while half said they minorly contribute. A little more than half also said they consider their financial situation to be good.
Pollsters did find some declines in the percentage of people who are concerned about various specific expenses.
Almost 70 percent said last May that they were extremely or very concerned about the cost of groceries, compared to 56 percent now, while the percentage concerned about gas dropped from 74 percent to 48 percent. The percentage concerned about housing costs also dropped from 54 percent to 42 percent.
The results come as inflation remains high but continues a multi-month trend of dropping. Inflation reached a high point of 9.1 percent in June and fell to a 6 percent annual rate last month.
The Federal Reserve has aggressively raised interest rates as part of its attempts to lower inflation under its target of 2 percent. But some economic experts and politicians have expressed concerns that the Fed’s moves could cause an economic downturn.
The AP-NORC poll was conducted from March 16-20 among 1,081 adults. The margin of error was 4 percentage points.
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