The share of Americans who say their financial situation is getting worse is higher now than at any point in the past 25 years, per new Gallup data out Tuesday morning.
Why it matters: Americans are struggling after years of higher inflation and a recent surge in gas prices due to the Iran war — a major challenge for President Trump and Republicans as the midterm elections come into view.
By the numbers: 55% of respondents to a poll conducted April 1-15 said their financial situation is getting worse; that's up from 53% last year and 47% in 2024.
- The number is higher than at any point since 2001, even compared with recessions during the pandemic or in the wake of the financial crisis.
Friction point: This is the fifth consecutive year that more Americans say their finances are worsening rather than improving.
Zoom in: When asked to identify their most important financial problem, 31% cited the cost of living.
- Energy costs are mentioned by 13% of Americans, up 10 percentage points from last year and the highest since 2008.
Reality check: Inflation is still elevated from where it was the last time Trump was in office, but it's certainly lower than at its peak in 2022.
The big picture: Still, the recent surge in gas prices has increased the pressure on American pocketbooks.
- The average price of a gallon of gas is $4.11, says AAA. It was under $3 before the war started on Feb. 28.
- Many Americans blame Trump for the increase.
