Trade deals and tariffs may be closely watched by the markets, but for millions of everyday Americans it’s ongoing inflation that remains the top concern.
Multiple polls of US consumers show how the cost of living continues to dominate personal finance fears, although the negative impact of trade policy uncertainty, market volatility, and economic slowdown are all clouding their outlook for the months ahead.
First, to Gallup’s Economic Confidence Index which in April (with a score of -22) was roughly in line with the previous month (-20). But while there is also little change from January (-19), some more specific measures have declined since shortly after President Trump’s inauguration.
Just 29% expect the stock market to be higher in six months now vs. 61% in January, while 58% think it will be lower vs. 18% in January. On the economy, 38% remain optimistic of growth in the months ahead compared to 53% in January, and 48% expect it to decline compared to 29% in January.
There have also been gains in the share of respondents who think inflation, interest rates, and unemployment will rise.
Asked about their personal financial situation, only 10% said it was currently excellent and 34% good, while 37% said it was fair and 18% poor. Compared with January’s survey, things have worsened.
Savings are also being impacted with 67% telling a poll by Talker Research for banking app Current that they are lagging in this regard and 63% said they have withdrawn money from their savings accounts since January. Almost half said this was for unexpected expenses while 36% said it to pay for everyday expenses, 30% for emergencies, and 23% for rent or mortgage payments. Just 18% used withdrawn funds for the purpose for which they were saving.
Bankrate says that among the 24% of respondents to its travel plans survey who are not planning any kind of vacation this summer (another 23% aren’t sure), 65% said that was because they cannot afford it.
By generation, millennials were the most likely to say they are not planning to travel this summer because they cannot afford it at 73%, closely followed by baby boomers (68) and Gen Xers (67%), compared to only half of Gen Zs, although 31% of the youngest cohort will go into debt to do so.
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