Top Points:
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Growing Financial Anxiety: Nearly 40% of U.S. adults are frequently worried that their income won’t cover their expenses, up from 28% in December 2021.
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Widespread Cost-Cutting Measures: Americans are reducing spending on entertainment (69%), altering grocery purchases (68%), turning to credit card debt (37%), and taking extra jobs (35%) to cope with financial pressures.
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Persistent Inflation Concerns: Despite a drop in inflation from 9.1% in June 2022 to around 3% in mid-2023, 26% of Americans still see inflation as the most significant economic issue, with 65% citing cost of living as their primary challenge.
Full Report:
A troubling new poll from CNN highlights a growing concern among American families: nearly 40% of U.S. adults are frequently worried that their income won’t cover their expenses. This marks a significant increase from December 2021, when only 28% of adults reported similar fears, as noted by The Hill.
As we approach the presidential election, the cost-of-living crisis has become a pivotal issue for voters. To manage financial strain, Americans are cutting back on entertainment, food, and gas, and increasingly relying on credit cards.
Key findings from the poll include:
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69% of respondents have reduced spending on “extras and entertainment.”
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68% have modified their grocery purchases to focus on essentials.
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37% have turned to credit card debt to cover basic needs.
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35% have taken on additional work or second jobs.
Although there is a slight reduction in the number of people cutting back compared to last summer, financial pressures remain high. In 2022, 70% reported cutting entertainment expenses, and 71% changed their grocery shopping habits due to inflation. Inflation peaked at a 30-year high of 9.1% in June 2022 but dropped to 3% by June 2023, fluctuating between 3.1 and 3.7% in the following months. Despite this, 26% still see inflation as the most pressing economic issue facing their families.
Overall, 65% of Americans identify some aspect of the cost of living—be it groceries, gas, health insurance, or housing—as their primary economic challenge. This financial anxiety is closely linked to political concerns, with 57% of Americans believing that the outcome of the upcoming presidential election will directly impact their financial situation.
Original Story by Jim Thomas
Source: Point Report
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