a Recent Research The Federal Reserve Bank of Philadelphia’s Consumer Finance Institute found that more consumers say they are worried about making ends meet.
In April, 36.8% of consumers said they were worried about making ends meet over the next 7 to 12 months, compared to 34.8% who said the same in January.
“The increase in anxiety about making ends meet was most prevalent among those who can currently pay all of their bills, with this group reporting a significant increase in anxiety compared to the previous quarter and year ago,” the survey report said.
The survey also found that the percentage of respondents who said they would not be able to pay all of their bills in full this month fell from 23.5% in January to 22.5% in April.
Breaking down which demographic groups felt this sentiment most strongly, the survey found that “the increase was most pronounced among younger people, women, and higher-income respondents.”
Another notable stat from the survey was the year-over-year trend, a change that was described as “large and significant.” In April 2023, among respondents who said they could pay all their bills, 20.7% were anxious about the next six months. A year later, that percentage jumped to 26.2%. The report authors noted that this increase was not seen between January 2023 and January 2024.
A recent poll by the Monmouth University Poll found that 46% of Americans surveyed said they were struggling to make ends meet financially, even though the Consumer Price Index, a common measure of inflation, didn’t rise last month.
“While inflation has fallen, prices remain much higher than they were four years ago,” said Patrick Murray, director of the Monmouth University Institute for Public Opinion Research. “That’s the metric that’s really mattered to a lot of Americans over the last two years. Economic anxiety may not be the No. 1 motivator for all voters, but it’s one that will determine the contours of this year’s election.”
The Philadelphia Federal Reserve Bank’s CFI survey was conducted between March 22 and April 6 and collected information from approximately 5,000 people.
