A recent CNN poll highlights a significant rise in financial anxiety among Americans, with nearly 40% expressing concerns about their ability to cover monthly expenses. This is a notable increase from 28% in December 2021, highlighting growing financial pressures faced by many households and a top voting issue in the upcoming elections.
The poll reveals that financial stress is notably being experienced among certain demographic groups. Over half of Latino (52%) and Black (46%) Americans report constant worries about meeting their financial obligations. Additionally, 55% of those earning less than $50,000 annually share these concerns, indicating that low-income families are disproportionately affected.
To cope with financial strain, many Americans are turning to side jobs and adding more jobs to their plate, cutting back on driving, and using credit cards to manage essential purchases. The survey found that 35% of respondents have taken on additional work to make ends meet, with higher rates among Latinos (52%), Black Americans (44%), and individuals under 45 (47%).
The findings also show that despite a slowdown in inflation, many are not feeling relief. While consumer prices have risen by 3% year-over-year, they remain significantly higher than in previous years, putting a strain on household budgets. The typical household is now spending $925 more per month compared to three years ago, according to Moody’s Analytics.
These economic challenges are leading many to cut back on non-essential spending. The poll indicates that 69% of Americans are spending less on entertainment and 68% have changed their grocery buying habits. Additionally, 41% report driving less, and 37% are relying more on credit cards.
The results highlight that even though national figures show low unemployment and decreasing inflation, many Americans continue to struggle due to years of rising costs.
The CNN poll, conducted by SSRS, surveyed 2,021 adults between June 3-24, highlighting the ongoing financial challenges faced by millions across the country. The entire poll can be found here.