Record High Number of Americans Say Their Financial Situation Is Getting Worse

Americans are feeling their financial situation is worsening at the greatest levels since the 2008-2009 recession.An annual Gallup economic survey, released on Tuesday, finds that affordability continues to be the main financial challenge for American households, far outpacing all other financial worries.The poll’s authors say Americans’ financial outlook in 2026 is “historically poor” with a record 55 percent saying their financial situation is worsening. That is up two percentage points from last year and eight percentage points higher than in 2024. This is the fifth consecutive year that more Americans say their finances are worsening than improving.The 31 percent of respondents citing inflation and high living costs as their greatest financial concerns is among the highest in Gallup’s more than 20-year trend. Energy, housing, and healthcare costs were the most frequently cited specific concerns. College expenses, transportation costs and childcare also far exceed all other types of financial concerns.The findings are from Gallup’s annual Economy and Personal Finance survey, conducted April 1-15.While inflation has dropped dramatically from its peak of 9.1 percent in June 2022, it remains above levels typical for the decade before 2021. That could be bad news for the Republican party heading into the midterm elections.Gas prices remain elevated due to the war with Iran. The national average for a gallon of gas was $4.17 on Tuesday, according to AAA. Prices averaged under $3 a gallon before the war. A Reuters/Ipsos poll released last week found that around 77 percent of registered voters blamed President Trump for the elevated prices.That same poll found that confidence in the Republican Party to handle the economy has also decreased. The poll also found that roughly 58 percent of voters would be less likely to back candidates in the November 3 election if they support Mr. Trump’s handling of the Iran conflict.A recent Fox News poll showed registered voters said they trusted Democrats more to handle the economy and inflation. It’s the first time Democrats have more support on the economy since 2010.The Republican Party is trying to hold onto control of Congress. Democrats are mounting a push to retake the House and increasingly believe they have a shot to flip the Senate. The Cook Political Report recently adjusted forecasts for Senate races in three states Mr. Trump won — Georgia, North Carolina, and Ohio — to a toss-up or leaning blue.Democrats would need to flip at least four Republican-held seats to win control of the Senate. The Democratic Senatorial Campaign Committee says there is a “feasible path” for the party to accomplish that.

Record High Number of Americans Say Their Financial Situation Is Getting Worse

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