A new poll from The Associated Press-NORC Center for Public Affairs Research shows that about two-thirds of Americans say their household expenses have increased in the past year, but only about a quarter say their Revenue increased over the same period.
With household spending exceeding income, many people are concerned about their financial future. What’s more, for most Americans, Household debt has either increased or not disappeared over the past year.
Steve Shapiro, 61, an audio engineer in Pittsburgh, said that before last year he spent about $100 a week on groceries, but now he spends closer to $200.
“My income remains the same,” he said. “this The economy looks good on paper, but I didn’t do well. “
About 8 in 10 Americans say their overall household debt is higher or about the same as a year ago. About half said they currently have credit card debt, 4 in 10 are dealing with a car loan and about a quarter have medical debt. Only 15% said their household savings were higher than last year.
Tracy Gonzales, 36, who worked as a construction subcontractor in San Antonio, Texas, suffered a severe headache that ended up going to the emergency room with a tooth infection and owing several dollars. Thousands of dollars in medical debt.
“They’ll entertain you, but the bill is too expensive,” she said. Gonzalez said she tried to avoid seeking medical care because of the cost.
Relatively few Americans say they are very or very confident they will be able to pay for unexpected medical expenses (26%) or have enough money for retirement (18%). Only about one-third are very or very confident that their current financial situation will allow them to cover expenses, but another 42% say they are somewhat confident.
“I’ve been looking forward to retirement my whole life. Recently I realized it’s not going to happen,” Pittsburgh’s Shapiro said, adding that his wife’s $30,000 or so in student debt is a financial factor in his family. The couple had hoped to sell their home and move last year, but ultimately decided to maintain the 3.4 per cent mortgage rate rather than face higher rates. ( The average long-term mortgage rate currently stands at 7.79% this month. )
About 3 in 10 Americans say they gave up on a major purchase because of rising interest rates last year. Nearly a quarter of U.S. adults are saddled with student debt, and a pandemic-era moratorium on federal loan payments is set to end this month, adding to the economic squeeze.
Will Clouse, 77, of Westlake, Ohio, said inflation is his biggest concern as he retires and lives on a fixed income.
“A box of movie candy — Sno-Caps — used to cost 99 cents and now it’s only $50 at the grocery store,” he said. “Prices are up 50%. Someone is taking advantage of someone else.”
Americans are broadly divided on whether Republicans (29%) or Democrats (25%) are better suited to handle America’s inflation problem. Three in 10 said they did not believe either party could solve the problem.
Geri Putnam, 85, of Thomson, Ga., said she has been paying attention Ongoing car strike Sympathize with workers’ demands.
“When you look at what the CEOs are doing, I don’t think there’s anything out of the ordinary about what they’re asking for,” she said. “I think things have gotten out of hand. It’s a little weird when you go into a store and see prices going up across the board the next day. I understand supply and demand, shipping costs, etc. But in my opinion it’s everybody looking out for themselves bottom line.”
Putnam also said she has seen her six children struggle financially more than her generation.
“They all have jobs and have never been unemployed,” she said. “They are accomplished people, but I think at least two or three of them will never be able to afford a home.”
Just over half (54%) of all Americans surveyed say their household finances are in good shape, about the same as last year but down from 63% in March 2022. Older Americans are more confident about their current financial situation than younger Americans. Only 39% of those aged 18 to 29 think their household finances are in good shape, while a majority (58%) of those aged 30 and older say their household finances are in good shape. Overall, people with higher education or higher household incomes are more likely than Americans to view themselves as financially sound.
About three-quarters of Americans describe the nation’s economy as poor, consistent with measurements taken early last year.
Among retirees, 3 in 10 say they are very confident they have enough money saved for their retirement, about 4 in 10 are somewhat confident, and 31% are not very confident or not at all confident confidence.
Krause, who is from Ohio, said most of his money in the past few years has been used to care for his wife because she was sick. When she died last year, his family lost Social Security and pension contributions. He believes political unrest between Republicans and Democrats hurts the economy, but what frustrates him most is rising prices in supermarkets.
“Grocery product prices are rising 20, 30, 40 percent. There is no requirement other than that people in the grocery market make more money,” he said. “They are deceiving consumers. I hope Mr. Biden will take action on this.”
About 4-in-10 Americans (38%) approve of the way Biden is handling the presidency, while 61% disapprove. His overall approval ratings have remained low over the past few years. Most Americans generally disapprove of the way he handles the federal budget (68% disapprove), the economy (67%) and student debt (58%).
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