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last yr.

Household Expenses Surpass Income, Raising Financial Concerns for Majority of Americans: AP-NORC Poll

With increased expenses, higher household debt, and stagnant incomes, many Americans express lower confidence in their financial futures and retirement prospects.

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Overview

  • According to a new poll, household expenses for 2 out of 3 Americans have increased over the past year, while only a quarter have seen their income rise during the same period. As a result, household debt for most Americans has risen or remained unchanged.
  • The poll revealed that only 15% of US households have seen their savings grow over the past year. This financial strain is resulting in less confidence in financial futures, with only about a third very or extremely confident they could keep up with expenses.
  • High expenses have led to the accumulation of various forms of debt including credit card (50%), auto loans (40%), and medical debt (25%). An example highlighted was a Texas-based construction subcontractor with thousands of dollars in medical debt due to an emergency room visit.
  • A significant impact of increasing expenses is seen on retirement confidence; only 18% are very or extremely confident they'll have enough money saved for retirement. Findings also revealed 3 in 10 Americans have forgone major purchases due to higher interest rates.
  • Americans are found to be generally divided over which political party could better handle inflation. Meanwhile, President Biden's handling of the presidency, the federal budget, the economy, and student debt are disapproved by most Americans.