55 percent say inflation causing financial hardship; 13 percent cite severe struggles: poll
A new Gallup survey released on Tuesday found that more than half of Americans are experiencing “financial hardship” due to inflation, while 13 percent say they are experiencing severe hardship.
The 55 percent experiencing hardship remained unchanged from August, but the number is notably higher than last year’s 45 percent.
Meanwhile, the 13 percent experiencing severe hardship is the highest measured by Gallup to date, increasing slightly from 10 percent.
November’s poll, conducted online from Nov. 9 to 27 among 1,822 respondents, found that 77 percent of lower-income Americans are experiencing financial hardship due to price increases, a slight bump from August (74 percent). The percentage calculated by the most recent survey, which has a margin of error of 3 percentage points, is the highest to date.
Twenty-eight percent of lower-income Americans surveyed said they have experienced severe financial hardship, compared to 13 percent of middle-income Americans and 6 percent of upper-income Americans.
A full 60 percent of middle-income respondents have experienced some type of financial hardship, up from less than half last year.
The hardship experienced by upper-income respondents has also increased since last year, from 28 percent to 42 percent.