Get All Access for $5/mo

Gallup Poll: 50% of Americans Say Their Financial Situations Are Worse Than a Year Ago The U.S. isn't in a recession, technically, but people are still feeling the pinch.

By Gabrielle Bienasz

Opinions expressed by Entrepreneur contributors are their own.

Steve Christo - Corbis / Contributor I Getty Images
ATM withdrawal in Australia.

According to a new Gallup poll, 50% of respondents said they are "financially worse off now" than they were a year ago. This is the highest percentage since 2008 and 2009.

"Since Gallup first asked this question in 1976, it has been rare for half or more of Americans to say they are worse off," an editor at the company wrote in a blog post about the results. The survey went to people in all 50 states and D.C.

Gallup said that 35% said they were "better off." That level is consistent with what the organization has seen in "other challenging economic times," like the early 1990s or late 1970s, the blog post added. Fourteen percent said the situations were the same.

People in the U.S. have been squeezed by inflation, often outpacing wage growth, as well as high prices on things like baby food and eggs amid supply chain shortages. Thousands in the tech industry have faced layoffs. Credit card debt has ballooned.

People with lower incomes reported being less well off since last year, Gallup noted, with 61% saying their situation has gotten worse.

At the same time, Gallup noted some optimism about finances — 60% of respondents expect to be doing better a year from now.

"High inflation, rising interest rates, and declining stock values in 2022 all likely took their toll on Americans' financial situations," Gallup wrote.

"Still, Americans remain optimistic about the year ahead for their financial situations, which they typically are, almost regardless of recent economic conditions," that confidence could even "help to minimize or avert an economic recession," the organization said.

Gabrielle Bienasz is a staff writer at Entrepreneur. She previously worked at Insider and Inc. Magazine. 

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Business News

How to Be a Billionaire By 25, According to a College Dropout Turned CEO Worth $1.6 Billion

Austin Russell became the world's youngest self-made billionaire in 2020 at age 25.


Taylor Swift Has a Lucky Number. And She's Not the Only High Performer Who Leans Into Superstitions to Boost Confidence.

Even megastars like Swift need a little extra something to get them in the right mindset when it is game time.


These 3 Big Tech Companies Offer 6-Figure Salaries and Easy Interviews — Especially If You Follow This Expert's Advice

There are far more candidates than positions, so being strategic on the job hunt is key.


SEO Trends You Need to Be Aware of Right Now, According to a Seasoned Pro

Navigate the future of search engine optimization to elevate your online presence and drive meaningful engagement.

Health & Wellness

4 Habits I Cultivated to Become a Healthier, More Effective Entrepreneur

By the time I hit mid-life, some of my bad habits were becoming a risk to my long-term business goals — and my health. Here's how I was able to change them.