Study: Americans Feel Biden In Their Wallets More Than Ever

By Eliana Regev | Thursday, 12 May 2022 23:45
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Americans have become increasingly concerned about their finances over the past year, according to a new poll from Gallup released on Monday.

The survey shows that the percentage of Americans who are anxious about various aspects of their finances has increased from 2021, a year that had seen a widespread decline in worry about finances compared to 2020.

•    40% of Americans in 2022 are "very or moderately worried" about not having enough money to pay their typical monthly bills.
•    32% said the same in 2021.
•    43% said the same in 2020.
•    52% in 2022 are worried about maintaining their standard of living.
•    45% said the same in 2021.
•    48% said the same in 2020.
•    63% in 2022 are worried about not having enough money for retirement.
•    58% said the same in 2021.
•    59% said the same in 2020.
•    56% in 2022 are worried about being unable to pay medical costs for a serious illness or accident.
•    54% said the same in 2021 and in 2020.

Gallup suggests that this is the first survey since 2016 to show a majority of Americans are worried about continuing their standard of living.

According to Gallup, worry about these financial matters is “strongly correlated with income,” as “worry among middle- and upper-income Americans have not changed meaningfully on most items, while the rates have soared among those in households making less than $40,000 per year.”

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The poll surveyed 1,018 adults from April 1-19, 2022 with a margin of error of +/- 4 percentage points.

The amount Americans worry about each of the eight financial matters is, as would be hoped, harshly associated with income. Concern among middle- and upper-income Americans have not altered significantly on most items, while the rates have increased among those in households making less than $40,000 per year.

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Most famously, the percentage worried about keeping their standard of living has increased 17 points among lower-income adults, from 56% in 2021 to 73% today. It has increased six points to 52% among middle-income earners and four points to 36% among the top income group.

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The percentage of lower-income adults worried about paying their rent or mortgage, making their minimum credit card payments, affording retirement, and paying for medical care in the case of a severe illness or accident have all increased by 10 or more points, compared with small or no increases among higher-income adults.

In an exception to the generally small increases in financial concerns expressed by upper-income Americans, the percentages worried about paying monthly bills and paying their housing costs have about doubled, albeit from a low 7% last year to 18% and 15%, respectively, today.

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