50% of the US Says Their Financial Situation is Getting Worse

Mish

A Gallup poll on personal finance shows a record high percentage believe their finances are worsening.

Please consider U.S. Personal Finances: Future More Concerning Than Present

By 50% to 35%, Americans say their financial situation is getting worse rather than getting better, marking a sharp reversal from last year. Significantly more Americans also thought their finances were getting worse rather than better in April 2008, toward the beginning of the Great Recession.

Currently, 49% of Americans describe their financial situation as either "excellent" or "good." A year ago, 56% rated their finances positively. The decline has been entirely offset by an increase in the percentage saying their situation is "only fair." The 15% of Americans describing their financial situation as "poor" is the same as last year.

By Age

Many younger adults appear to have already been adversely affected by recent economic changes, with a 13-point decline among 18- to 29-year-olds in the percentage rating their current finances positively, roughly twice the decline seen among those aged 50 and older. Younger adults also show a disproportionately large decline in their personal financial expectations moving forward.

Stock Market Wealth Effect

Stock Market Wealth Effect

Financial outlook is down across the board but sentiment decline is greatest in the millennials. 

They have been hit by two major economic forces in 10-12 years. 

They also have a boatload of student debt, struggle with home prices that are not affordable, and have not had time to build up savings. 

Mish

Comments (21)
No. 1-11
TimeToTest
TimeToTest

At the rate things are going I wouldn’t be surprised if the Federal Reserve Bank didn’t step in with some kinda one off stimulus.

I am sure it won’t be permanent though.

Me 2008.

Sechel
Sechel

i hate these polls . The are incredibly influenced by a "media effect" and what respondents see on social media.

Carl_R
Carl_R

This is remarkable. 35% think their situation is actually getting better, and only half think it is getting worse. Amazing.

wootendw
wootendw

"[Millenials] also have a boatload of student debt, struggle with home prices that are not affordable, and have not had time to build up savings. "

Before the virus hit hard, Tucker Carlson suggested that whoever believably promises 30-years-olds that they can get married and have children again would win the election.

Obviously now, that won't happen. (It ought to have been obvious before the virus.). So the questions now are, who gets blamed in November or who can change things for the better? Trump will get some blame but Biden cannot make things better.

bradw2k
bradw2k

Everybody's situation "as a whole" is getting worse. Doesn't matter if your income is staying the same (so far), it's all connected so when most everyone else is getting poorer, your standard of living will suffer too.

Except for some of the super-leeches at the top, they'll make out well.

MorningCoffee
MorningCoffee

So 50% are worse and 50% are not?...wow

numike
numike

“Saving a life just got much more important than savoring a lifestyle.”
― Amit Kalantri, Wealth of Words

CaliforniaStan
CaliforniaStan

"Currently, 49% of Americans describe their financial situation as either "excellent" or "good." Sorry, I'm calling BS on this. 40% of people didn't have $400 in the bank to pay for a car repair. Hardly anybody has enough put away for retirement. Middle class incomes have gone nowhere for a decade or more.

I have no idea how they framed the questions to get these answers. Maybe, "How if your financial situation compared to a Syrian refugee?"

stillCJ
stillCJ

Editor

This poll will make Nancy and Chuck very happy.

anoop
anoop

Mine is getting worse for sure with ZIRP. I feel cornered. I am unwilling to play the TINA/fed put so I have been been falling behind for 10+ years now.

Jdog1
Jdog1

So we are in the middle of a global pandemic and entering a global depression and some of the people are beginning to realize they may have a problem... they must be geniuses....


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