Half in new survey say they are worse off than a year ago

When asked about their current financial situation, half of Americans surveyed said they are worse off than they were a year ago, according to a new Gallup survey.

The poll, published Wednesday, found that 50 percent of respondents — the highest since 2009 — said they are financially worse off since this time last year, while 35 percent of those surveyed shared they improved their financial situation in the last year.

When split up by income, 61 percent of respondents in the lower-income bracket said they are financially worse off than they were in the previous year, while 26 percent in the same group said otherwise, according to the poll. 

Forty-nine percent of respondents in the middle-income group said they are financially worse off, as 37 percent of those surveyed shared that their financial situation had improved.

Forty-three percent of respondents in the upper-income bracket said they are financially worse off than, and 39 percent said their situation had improved.

Among party lines, 61 percent of Republicans polled, 51 percent of independents and 37 percent of Democratic respondents said they are financially worse off than they were a year before.

The poll comes as many Americans fear that the country is headed toward a recession, despite inflation seemingly slowing down in the United States.

Looking forward, 60 percent of respondents said they expect to be financially better off than they are now in the coming year, as 28 percent said they expect to be worse off.

The results mark a 9-point increase from a similar poll in 2022, where 41 percent of respondents said they were financially worse off than a year before. Last year’s poll also included a 41 percent-each split among respondents saying they were better off and worse off, respectively. 

The most recent poll was conducted from Jan. 2 to 22, with a total of 1,011 respondents participating in the survey. The margin of error was four percent.