An Astounding 40% Of Americans Unable To Pay For What?

Photo by Allef Vinicius on Unsplash

(PartiallyPolitics.com) – Four in ten U.S. adults are worried their income isn’t enough for their expenses.

According to a recent CNN poll, 38 percent of U.S. adults worry about their family’s income being insufficient to cover their expenses, a ten-point jump since December 2021, when 28 percent shared the same concerns.

The poll conducted on 2,021 people revealed that 69 percent had to reduce spending on “extras and entertainment,” while 68 percent had to change their spending habits on groceries to afford necessities.

Thirty-seven percent of respondents revealed they needed to take on credit card debt to afford necessities — like food — while 35 percent revealed getting a second job or taking on extra work to cover their expenses.

Inflation has also been the culprit of rising costs, reaching a 30-year high of 9.1 percent in June 2022. However, despite inflation falling 3 percent in June, Americans still worry about rising prices.

The Bureau of Labor Statistics released its most recent report revealing inflation fell 3 percent in June. However, the CNN poll suggests that decline may not be enough, considering 26 percent of Americans believe the greatest economic problem facing their family today is rising prices.

In total, 65 percent of participants shared they believe some expense or cost of living is the greatest economic problem their family faces — which could include gas,  groceries, inflation, housing, or health insurance, among a variety of other options.

Fifty-seven percent of participants also believe the result of the upcoming presidential election will impact their family’s financial situation.

Copyright 2024, PartiallyPolitics.com