Inflation Undermines American Households
In a new survey released July 5, the Monmouth University Polling Institute found that 42% of Americans say they are struggling to maintain their current financial situation.
The optimism brought by the pandemic has all but vanished as a looming recession has Americans taking stock of their financial situation and wondering how they will fare in just a few months, Fortune magazine reported Wednesday, July 6.
The statistical firm conducted the survey between June 23 and 27 based on a random national sample of about 1,000 people over the age of 18, noting that “this is the highest number since the institute began asking five years ago.”
Before the institute noted, it hovered between 20 and 29 percent, but in the past year alone it has risen by 18 percent as widespread access to COVID-19 vaccines has lifted the economic restrictions of the pandemic era, raising hopes that a full recovery is imminent.
The survey also included a breakdown of the causes of financial insecurity. An even higher percentage of respondents, 48%, named inflation or fuel prices as their biggest concern. Other top financial stressors included the economy in general, cited by 9% of respondents, and paying current bills, cited by 6% of respondents.