Unusual Whales

70% of Americans have said inflation is the top problem today

Unusual Whales -

Gallup has been asking Americans annually since 2005 to name, without prompting, the top financial problem facing their family. Inflation has topped the list for the past three years. This year, the cost of owning or renting a home ranks second at 14%, a new high for that issue.

Other significant problems identified by Americans include too much debt (8%), healthcare costs (7%), lack of money or low wages (7%), and energy costs or gas prices (6%).

These concerns vary among different age, income, and political groups:

  • 46% of older Americans (those aged 50 and older) mention inflation, compared to 36% of younger Americans (those under 50).
  • Inflation is a more prominent concern for middle-income (46%) and upper-income Americans (41% of those with an annual household income of $100,000 or more) than for lower-income Americans (31% of those with a household income of less than $40,000).
  • 56% of Republicans, compared to 39% of independents and 26% of Democrats, name inflation as the most important financial problem facing their family.

Younger and lower-income Americans may be less likely to name inflation as their top concern because other immediate financial issues are more pressing for them. For example, 21% of adults under age 50 say housing or rental costs are their top concern, compared with 8% of those aged 50 and older.

Lower-income Americans are more inclined than upper-income and middle-income Americans to say personal debt, healthcare costs, lack of money, and job loss are the top concerns facing their family.

Retirement and Medical Emergencies Also Worrisome
A separate question in the survey asks Americans how much they worry about eight specific personal financial matters. Although inflation is not one of those issues, its influence is evident in the heightened percentage of people who worry about not being able to maintain their standard of living. Fifty-five percent are very or moderately worried about maintaining their living standards, marking the third straight year a majority has done so after being below that level from 2017 through 2021.

Since the question was first asked in 2001, an average of 47% of U.S. adults, including a high of 58% in 2011, have worried about being able to maintain their standard of living.