A recent survey from the Consumer Finance Institute (CFI) at the Federal Reserve Bank of Philadelphia found more consumers saying they are concerned about making ends meet.
In the April survey, 36.8 percent of consumers said they were worried about making ends meet over the next seven to 12 months, in comparison to 34.8 percent who answered that way in January.
“Most of the increase in concern about making ends meet came among those who can currently pay all of their bills — this group reported significant increases in worry compared with both the previous quarter and the previous year,” the report on the survey reads.
The survey also found a decrease in the number of respondents who said when it came to paying all bills “in full this month,” that they could not do so, from 23.5 percent in January to 22.5 percent in April.
In breaking down which demographic groups are feeling this sentiment the most, the survey says, “The increase was most prevalent among respondents who are younger, female, or higher income.”
Another notable data point from the survey was the year-over-year trend, a change described as “large and significant.” In April 2023, among the respondents who said they could pay all of their bills, 20.7 percent were worried about the next six months. A year later, that had jumped up to 26.2 percent. The authors of the report on the survey said that jump had not occurred between January 2023 and January 2024.
A recent poll conducted by Monmouth University’s polling institute found 46 percent of Americans surveyed saying they were struggling to remain where they are financially, despite a common measure of inflation, the consumer price index, not rising last month.
“Even with a declining inflation rate, prices continue to be much higher than they were four years ago,” said Patrick Murray, director of the Monmouth University Polling Institute. “That’s the metric that has really mattered to many Americans over the past two years. Economic concerns may not be the top motivating factor for all voters but it defines the contours of this year’s election.”
The survey from the CFI at the Federal Reserve Bank of Philadelphia was conducted March 22 to April 6, featuring information from about 5,000 people.