A recent CNN poll indicates that nearly 40% of U.S. adults are constantly or frequently worried that their family's income won't cover their expenses. This is a notable rise from December 2021, when just 28% of adults shared these concerns, The Hill reported.
The cost-of-living crisis is at the forefront of voters' minds ahead of this year's presidential election. To cope with financial pressures, Americans are reducing their spending on entertainment, food, and gas, or increasingly relying on credit cards.
Approximately 69% of respondents reported cutting back on "extras and entertainment," while 68% have altered their grocery purchases to afford essentials. Additionally, 37% of Americans have resorted to taking on credit card debt to cover necessities, and 35% have taken extra work or a second job.
Despite a slight decrease in the number of Americans cutting back compared to last summer, the financial strain remains evident. In 2022, 70% reported reducing entertainment expenses, and 71% had to change their grocery buying habits due to inflation, which peaked at a 30-year high of 9.1% in June 2022. Although inflation dropped to 3% percent by June 2023, fluctuating between 3.1 and 3.7% in the following months, 26% of people still consider it the most significant economic issue facing their families today.
Overall, 65% of Americans view some form of expense or cost of living — whether it's groceries, gas, health insurance, or housing — as their primary economic challenge. This financial anxiety is intertwined with political concerns, as 57% of Americans believe that the outcome of this year's presidential election will directly impact their financial situation.
Jim Thomas ✉
Jim Thomas is a writer based in Indiana. He holds a bachelor's degree in Political Science, a law degree from U.I.C. Law School, and has practiced law for more than 20 years.
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