Americans are more pessimistic about their finances than at any time since the Great Recession as economic challenges such as inflation persisted throughout the past year.
Some 50% of respondents to a Gallup survey said they are “financially worse off” compared to one year ago, while 35% believe they are “financially better off,” marking the most dismal results for the poll since the economy crashed in 2008 and 2009. Lower-income Americans were the most likely to report that they have been worse off since last year. Approximately 61% reflected pessimism about their current finances in 2023, while 41% said the same this year.
There is a clear partisan divide with respect to perceptions of financial well-being: 61% of Republicans and 37% of Democrats say they are worse off. However, Americans tend to offer a more optimistic view of their finances under administrations that match their party preferences.
