Despite what Washington officials and Wall Street says, a significant number of Americans aren’t any better offer than they were a year ago and in fact they’re doing much worse financially. Optimism still exists in the country, however, as most believe they’re personal financial situations will be improved within a year.
Gallup released the results of its latest poll that attempts to offer the general public an annual snapshot of the American people’s viewpoint towards the economy, consumer spending and the employment situation.
The telephone survey found that 42 percent of Americans were financially worse off than they were a year ago, but about one-third of Americans say they’re better off financially now than a year ago. Less than one-quarter (22 percent) reported their financial situation was the same.
At the height of the economic collapse in 2007 and 2008, 39 percent said their personal financial was worse and another 39 percent confirmed they were better off. Another 22 percent reported it was the same.
Looking ahead to next year, 55 percent say they’ll be better off, while 27 percent expect they’ll be worse off. Roughly 15 percent think their personal financial situation will be the same. The results pretty much imitating previous polls dating back to 2005.
Here is a statement from Gallup on its findings:
“Despite a sustained, if sluggish, economic recovery that has lasted nearly five years, most Americans report being no better off financially than they were a year ago. Indeed, the share of Americans saying last year put them in a worse financial position is on the higher end of the 1976-2014 trend. Although this would seem to suggest that many Americans begin this year in a state of financial unease, a majority instead believe the next year will be financially uplifting. As previous years show, Americans are typically more positive about their future compared with their assessments of the past, a testament to the enduring sense of optimism many Americans share about their financial future.”
It’s no shock that the personal financial situation of households across the nation is not improving. With price inflation rising, an eroding dollar, stagnating wages, burdensome regulations by federal, state and local governments and the overall economic situation not getting any better, it’s a surprise that many Americans are still standing.
The telephone poll was conducted with 1,018 adult Americans between Jan. 5 and Jan. 8. It contains a margin of error of +/- four percentage points.