Story Highlights
- Majority of Americans still rate personal finances as “only fair” or “poor”
- Middle-income Americans have grown more negative about finances in past year
- Affording retirement retains long-held position as top financial worry
WASHINGTON, D.C. — Americans remain guarded about their personal finances, with the majority (55%) saying their financial situation is “only fair” or “poor” rather than “excellent” or “good” (45%). More also report that their financial situation is worsening (50%) than improving (37%).
Consumers’ perspectives on their finances are nearly identical to what Gallup found a year ago but contrast with 2021, when Americans were generally upbeat about their financial circumstances and momentum.
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One indication of what’s weighing on consumers comes from an open-ended question in the new survey that asks respondents to name the most important financial problem facing their family. Inflation tops the list at 35%, the highest percentage naming inflation as their biggest financial problem since Gallup first asked the question two decades ago. Although inflation has eased over the past year, it remains higher than Americans were accustomed to before the pandemic, and prices for goods…
