It is hard to understate the importance of inflation in Americans’ concerns today. Not only is it almost always the top issue of concern for Americans in the polls, but people also think it is getting worse. Handling inflation is one of President Trump’s weakest areas. The polls document rising concerns about paying bills up and down the income scale and greater concern about debt.
The Economist/YouGov mid-September survey found that 41% said their personal finances were the same as a year ago, but almost as many, 38%, said they were worse. Only 16% described them as better. In the early September Fox News poll, 52% of registered voters said the Trump administration had made the economy worse, 30% better, and 18% said it hasn’t made much of a difference. The Economist/YouGov poll also indicated Trump’s approval on handling inflation was 30%, the lowest of six issues tested. And, in the latest Harvard/Harris poll, 55% of registered voters said Trump’s policies would increase inflation. Democrats shouldn’t take too much comfort in the administration’s abysmal ratings: in this poll, people still trusted Trump and the Republicans (54%) more than the Democrats in Congress (46%) to manage the economy.
In this difficult environment, it is hardly surprising that many Americans are feeling the financial pinch and having a harder time paying bills, saving, or managing debt. The Federal Reserve Board started its Survey of Household Economics and Decisionmaking in 2013. It measures overall economic well-being and looks at potential risks people have to their finances. In the 2024 survey, released this May, 63% of adults said they could cover a $400 emergency expense using cash or its equivalent, down slightly from a few years ago. There was considerable demographic variation in responses. Less than half of 18 to 29 year olds (47%) said they could, compared to 78% of those over age 60. And what about emergency savings? Fifty-five percent nationally said they had three months’ worth.
In the Fed survey, the vast majority of those who used credit cards in the past month said they had paid at least the minimum on them. A new Harris survey for the National Foundation for Credit Counseling
finds that more Americans now (13%) than in the spring (8%) say they are unable to pay a full balance. Another question pointed to the long-term consequences of financial stress today. Nearly three in ten, 29%, felt their money situation would prevent them from ever having the things they want in life. Even high-income earners are worried.
A late August-September survey of likely voters by the progressive think tank and pollster Data for Progress for Groundwork Collaborative and Protect Borrowers asked its respondents about eight types of debt, asking if they had ever had any in each area, and if they had retired it. For the remainder of those with each kind of debt, they asked how much debt they had. The good news is that large majorities in five of the eight areas polled reported that they and their families had not ever had the kind of debt the pollster asked about. Ninety percent reported they or their family had never had sports betting debt, while 73% gave that response about buy now, pay later debt. Seventy-one percent said they had never had rental debt, 64% utilities debt, and 59% student loan debt. Half said they and their families had never had medical debt. Smaller percentages had never had car loan debt (36%) or credit card debt (28%).
Three percent once had but retired sports betting debt, and 12% gave that response about buy not pay later debt, 13% rental debt, 12% utilities, 20% student loan, 19% medical, 32% car loan, and 18% credit card.
For those with debt, 5% said they or their family currently had less than $5,000 in sports betting debt, 12% less than$5,000 in buy now, buy later debt, 10% in rental debt, 20% utilities debt, 7% student loan debt, 19% medical debt, 9% car loan debt , and 30% credit card debt. When asked in each area whether they expected to be debt free, around 10% or less said they never expected this to be the case.
Prolonged high inflation tends to depress Americans’ views of the present and the future and for that reason it has an outsized effect on people’s confidence in their finances. Most Americans are managing, but many are feeling financially fragile- and most are not expecting things to improve.
Source: https://www.forbes.com/sites/bowmanmarsico/2025/09/22/inflation-financial-fragility-and-personal-debt-what-the-polls-say/
