People's views about their personal finances have grown more negative: poll
The poll found 46% of adults said 'bad' was how they'd describe their personal financial situation
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Americans' views on their financial situations have become more negative compared to earlier in the year, according to a new AP-NORC Center for Public Affairs Research poll.
The poll, released Wednesday, found that 46% of adults said "bad" was how they would describe their household's financial situation. That figure has increased 9 percentage points from March, when 37% called theirs poor.
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The percentage who called their financial situation "good" has also declined, dropping to 54% from 63% earlier in the year, according to the poll.
Serious young woman in glasses sit in living room pay bills taxes on laptop online, focused millennial female manage family expenditures expenses, plan budget on computer, make payment on web. (iStock / iStock)
The poll showed views of personal finances among both Republicans and Democrats became increasingly negative. Republicans saw a larger increase in negative sentiment, rising from 41% saying "bad" in March to 53% in October. About 36% of Democrats now describe their financial situations as "bad," compared to 28% earlier in the year.
Fifty-three percent of independents called their financial situation poor, a 1% decline from March, according to the poll.
Man using calculator Accounting Calculating Cost Economic bills with money stack step growing growth saving money in home, finance concept (iStock / iStock)
Optimism about the national economy also declined in October, the poll found. About 23% of people said they would describe the economy as "very good," "somewhat good" or "lean toward good," compared to 29% in the prior month. Between June and September, however, the percentage of people who viewed the economy positively rose 9%.
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Nearly two-thirds (63%) of people said they disapprove of how President Biden is handling the economy, according to the October poll.
Consumer inflation has recently been hovering near a 40-year-high.
In August, the Labor Department reported the Consumer Price Index rose 8.3% from the prior year and 0.1% from July. The Personal Consumption Expenditures index, which is the Federal Reserve's preferred inflation gauge, went up 6.2% in August from a year ago and 0.3% from July.
On Thursday morning, the Labor Department is scheduled to release September's CPI, which Refinitiv economists have predicted will have risen 0.3% month-over-month, FOX Business previously reported.
Inflation rising (istock / iStock)
While many respondents expressed disapproval of Biden's handling of the economy, only 44% blamed his policies for higher than normal prices, the poll showed. Roughly 55% pointed to factors outside his control.
The AP-NORC Center for Public Affairs Research poll was conducted online and via telephone among over 1,100 adults from Oct. 6 to 10. It had a 3.8% margin of error.