Gallup: Americans' Financial Worries Up Compared to One Year Ago, Especially Among Lower-Income Adults

By Michael W. Chapman | May 9, 2022 | 12:02pm EDT
(Getty Images)
(Getty Images)

(CNS News) -- A new survey shows that American adults are "very/moderately" worried about many financial issues people face, and that this anxiety is up over 2021 concerns. Further, while financial-worry is up among those who make $40K-$99K and $100K or more, it is dramatically up among Americans who make less than $40K a year.

"Americans are more likely today than they were a year ago to report being 'very' or 'moderately worried' about several aspects of their finances, reversing the improvement seen last year," reported Gallup

In the poll of 1,018 adults living in all 50 states and D.C., Gallup asked, "Next, please tell me how concerned you are right now about each of the following financial matters, based on your current financial situation -- are you very worried, moderately worried, not too worried or not worried at all?"   

(Gallup)
(Gallup)

For those "not having enough to pay normal monthly bills," 40% said they were "very/moderately worried," which was up from 32% in 2021 -- an increase of 8 points.

For "maintaining the standard of living you enjoy," 52% said they were "very/moderately worried," which was up from 45% in 2021 -- an increase of 7 points. 

63% said they were "very/moderately worried" about "not having enough money for retirement," an increase of 5 points over 2021.

For more results see box above.

"Americans' financial anxieties increased in 2020 during the unprecedented economic shutdown that occurred at the start of the coronavirus pandemic," reported Gallup.  "That proved temporary, as the percentage worried abated last year. That was as business as usual was resuming across the U.S. during the rollout of coronavirus vaccines."

Democrat President Joe Biden.  (Getty Images)
Democrat President Joe Biden. (Getty Images)

"However, with inflation surging this year, concern is now back closer to 2020 levels on several items," said the survey firm.

"The amount Americans worry about each of the eight financial matters is, as would be expected, strongly correlated with income," reported Gallup.  "Worry among middle- and upper-income Americans has not changed meaningfully on most items, while the rates have soared among those in households making less than $40,000 per year."

(Gallup)
(Gallup)

For instance, on "maintaining the standard of living you enjoy," 36% making $100K or more a year said they were "very/moderately worried," which was up from 32% in 2021.

However, for those making less than $40K a year, 73% are "very/moderately worried" about maintaining the standard of living they enjoy, which is up from 56% in 2021 -- an increase of 17 points.

"Not having enough money to pay monthly bills"? For those making less than $40K a year, 66% said they were "very/moderately worried,up 15 points over 2021.

"Inflation affects more than consumer spending and stock prices; it is causing anxiety among Americans about meeting their daily financial obligations and important savings goals," said Gallup.  "The increases among Americans as a whole have been fairly modest over the past year, but these mask a much greater rise in worry among lower-income Americans, two-thirds of whom now have doubts about just paying their monthly bills."

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