Americans are feeling the financial strain more than ever, as inflation, recession, interest rates, and ongoing trade tensions fuel anxiety about their personal finances.
A new CNBC/Survey Monkey poll conducted from April 3 to 7 among 4,200 U.S. adults found that a staggering 73% said they are “financially stressed.” The top driver? Inflation, with 86% citing it as their main concern. Meanwhile, 75% pointed to interest rates, and 66% blamed Trump tariffs.
Even among high-income earners, the stress is real — 29% of those making over $100,000 annually said they feel “very stressed.” Across all income levels, that number jumps to 38%.
ALSO READ| AI imagines Americans ‘slaving away’ in Nike, Tesla, Apple factories amid Donald Trump’s tariff row
“Consumers are clearly feeling the pinch,” said David McWilliams, an economist, author, and podcaster, told CNBC.
“We know that tariffs are inflationary. We know that’s hitting on people’s expectations of how much money they’re going to have in their pocket in a couple of months time.”
Inflation cools down a bit, but financial anxiety persists among Americans
However, inflation has cooled from its 2022 peak of 8% to 2.4% as of March, but prices haven’t come down — they’ve just stopped rising as fast. The Bureau of Labor Statistics reported it now takes nearly $114 to buy what $100 could have been purchased in January 2022.
The CNBC survey found that 59% of Americans oppose Donald Trump’s ‘Liberation Day’ tariffs, with 72% worried about how they’re impacting their own finances.
So, 32% of Americans said they’re delaying or avoiding retail purchases, while 15% are “stocking up.” Some are even rethinking their investments, with 34% adjusting their portfolios in response to market volatility.
George James, a licensed therapist and CNBC Global Financial Wellness Board member, summed up the psychological toll, expressing, “The biggest thing is that it’s unknown, and when we don’t know things, and we can’t control things, that’s when our anxiety and our worry can spike — and it’s contagious.”
ALSO READ| Oops! Trump calls wrong McMaster, rants: ‘Why the F would I talk to you?’
“This is the time to evaluate short-, mid-, and long-term financial needs, concerns, and goals,” financial experts Michael Liersch of Wells Fargo told CNBC. “Evaluation before action or inaction is essential.”
