Half of Americans say they are worse off financially than they were a year ago, the highest level of reported decline since the financial crisis, a Gallup poll released Wednesday showed.
The results are unusually grim. “Since Gallup first asked this question in 1976, it has been rare for half or more of Americans to say they are worse off. The only other times this occurred was during the Great Recession era in 2008 and 2009,” Gallup News said.
The results of the survey, taken between January 2nd and the 22nd, suggest the high toll of inflation on the financial situation of many Americans. Average hourly and weekly wages declined for the second consecutive year in 2022, as pay increases were swamped by higher prices. Gallup said higher interest rates and the decline in the stock market also weighed on people’s view of their financial situation.
