More Americans are worried about their financial situation today than they were during the economic devastation of the 2008 Great Recession.
More than half of U.S. adults (55 per cent) say their financial situation is getting worse, according to a Gallup poll published Tuesday, pointing to high inflation along with elevated costs of energy, housing, healthcare, college, transportation and childcare.
The figure is particularly stunning as it is higher than the level of economic fear registered in both 2008 and in the early days of the Covid pandemic in 2020.
Some 49 per cent were worried about finances during the Great Recession in April 2008 as major U.S. banks sought government bailouts and the housing market collapsed. Half of people (50 per cent) expressed those worries in April 2020, according to Gallup.
In 2026, some 31 per cent of people polled by Gallup said their top financial problem was inflation and cost of living. U.S. inflation soared to 3.3 percent in March - the highest level since May 2024.
Another 13 percent of Gallup respondents said housing and rent prices were their biggest concern. A combination of near-record-high housing prices and elevated mortgage rates has made some consumers give up on ever owning a home. Rental prices aren’t offering any breaks, either - average monthly rent is up $513 since 2020, according to iProperty Management, the biggest six-year jump in the past 20 years.
Staple grocery items such as whole milk, fresh chicken and ground beef remain priced near or beyond previous highs in the past 20 years, according to the Bureau of Labor Statistics.
Energy costs - the second-biggest financial concern at 13 percent of those polled - rose considerably in March. Gas prices reached four-year highs and soared past $6 a gallon in some cities, according to motor club AAA.
The impact goes beyond the fuel pump; air travelers are paying the price, too. At least six airlines have raised baggage prices to cover their higher fuel expenses, while United Airlines’ CEO said the company has raised ticket prices 15 to 20 percent.
Consumer frustration over high prices has put pressure on President Donald Trump and his administration. Trump has at times offered a rosy view of the nation’s financial situation, saying in February he was “very proud” of the economy even though 90 percent of consumers at the time believed the country was in a cost-of-living crisis.
