Over the past 12 months, nearly two in five Americans have had to make significant cutbacks to their spending due to economic concerns—according to new polling by State Policy Network (SPN). SPN’s State Voices public opinion tracker found 38% of Americans have had to make cuts due to economic worries, up three percent from December 2022.
The biggest increases are in millennials (47%, +10), households with $100K+ income (35%, +16), and those living in urban areas (42%, +7).
This data comes in as high inflation continues to make it hard for many Americans to afford groceries, rent, and basic goods. Further, the collapse of several banks have left many concerned about the safety of their money.
Despite these problems, the Biden Administration continues to downplay the economic troubles plaguing many Americans, arguing their policies are lowering costs for families.
Erin Norman, State Policy Network’s polling expert, added: “In the data you can really see the economic impact of corporate and tech sector layoffs. Over one-third of higher income households are cutting back, which is sharply up from last month. This is a key number to keep an eye on in coming months to understand how quickly those impacted by the latest round of layoffs are getting back to a stable economic situation.”
To schedule an interview with Erin Norman, please contact Camille Walsh at walsh@spn.org.
About the Polling
State Policy Network’s State Voices is a monthly public opinion study dedicated to understanding and sharing Americans’ attitudes about government and policy solutions.
Read the full data here.
