Republicans more likely to say cost of living has gone up since 2020: survey

Pandemic-era inflation has put a financial strain on many Americans, but Republicans are more likely than Democrats to say their fiscal situation has worsened over the past three years.

new Bank interest rate survey A paper released Monday found that 69 percent of Americans believe the cost of living has increased since 2020.

The survey of 2,000 people found that 86% of Republicans said the cost of living has worsened since 2020, while 59% of Democrats said the same.

Meanwhile, 80% of political independents said their cost of living had increased.

The findings are somewhat consistent with a Wall Street Journal poll showing that while attitudes about the economy are improving, many people still don’t think their financial situation is improving. It is shown.

of WSJ poll It found that 43% of voters believe their personal financial situation is heading in the right direction, an increase of 9 points since December.

Bankrate survey respondents’ opinions also vary by generation, with baby boomers and Gen Xers far more likely than younger Americans to report experiencing an increase in the cost of living.

Almost 80 percent of baby boomers and 77 percent of Gen

Meanwhile, 63 percent of Millennials and 46 percent of Gen Z said the same.

“With less than a year until Americans start voting, economic issues will be key,” Mark Hamrick, senior economic analyst at Bankrate, said in a statement.

“Regardless of whether inflation improves or not, the period between now and the election will be even more important given the sensitivities about cost of living. Rising interest rates also play into this equation. Fed interest rates There may not be much relief in this regard, given the guidance on

Inflation has been slowing since reaching a 40-year high in June 2022. The inflation rate is currently hovering around 3.2%. Bureau of Labor Statistics.

However, the inflation rate may not fall to the Fed’s target level of 2% until 2025. bank rate.