Inflation, tariffs, high interest rates and a tight labor market are putting pressure on a lot of Americans’ personal finances.
According to a new survey from Yahoo Finance, one in three Americans say their financial situation has deteriorated over the last year. One-third of Americans are very dissatisfied or completely dissatisfied with their current level of savings, and only about 10% say they’re completely satisfied with what they’ve saved.
Rising prices are taking a toll. Nearly half of adults (45%) describe the cost of living in their area as not very affordable or not affordable at all. And one-third of respondents say their monthly expenses exceed their income.
While inflation is not as high as it used to be, prices are still up. The Consumer Price Index was up 2.7% in June compared to the previous year and up 2.4% in May. Energy bills, car insurance, housing and dining out saw some of the biggest increases.
Americans with higher incomes, men and younger generations were more likely to express confidence about their finances. Among lower income earners — households making under $50,000 — 47% said their finances are getting worse compared to 27% of higher earners.
The slideshow above highlights the states with the most people in financial distress according to WalletHub.
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