Americans more pessimistic about finances as inflation hits home

Americans are increasingly pessimistic about their finances as inflation takes a greater toll on households.

Fewer than half of Americans rate their financial situation as “good” or “excellent,” the lowest share since 2015, according to a Gallup poll released Thursday. Some 48% say it’s worsening, similar to levels seen in April 2020 and the financial crisis of 2008.

The survey conducted from April 1-19 found that a record 32% of Americans rank inflation and a high cost of living as the most important financial problem facing their family today. Consumer prices rose in March at the fastest pace since 1981, especially driven by food, energy and shelter costs.

While half of the roughly 1,000 polled Americans say rising gasoline prices have caused financial hardship for their families, 57% expect the high prices to be temporary. Republicans are among the few subgroups who say it’ll be permanent.