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IPFS News Link • Inflation

Americans Continue To Name Inflation As Top Financial Problem: Gallup

•, By Jeffrey Jones

The 41% naming the issue this year is up slightly from 35% a year ago and 32% in 2022. Before 2022, the highest percentage mentioning inflation was 18% in 2008. Inflation has been named by less than 10% in most other readings since the question was first asked in 2005.

The latest results are from Gallup's annual Economy and Personal Finance poll, conducted April 1-22.

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

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

Over the past 19 years, healthcare costs and lack of money or low wages have frequently ranked near the top of the list, while the cost of energy or gas has done so at times of elevated gas prices, as in 2005, 2006 and 2008.

Inflation Named Most Often by All Subgroups

Inflation is named the most important financial problem by all key societal subgroups but garners higher mentions from certain age, income and political groups.

46% of older Americans (those aged 50 and older) mention inflation, in contrast with 36% of younger Americans (those under 50).

Inflation is a more top-of-mind 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 with 39% of independents and 26% of Democrats, name the issue as the most important financial problem facing their family.