Inflation Remains the Leading U.S. Financial Concern, Though Fewer Americans Cite It
By Jeffrey M. Jones
April 30, 2025
WASHINGTON, D.C. — Inflation continues to top the list as the most significant financial problem that Americans face, according to the latest Gallup Economy and Personal Finance survey. However, fewer Americans now cite inflation as their primary financial concern compared to previous years.
Inflation as a Persistent Financial Stressor
Nearly three in ten Americans (29%) identify inflation or the high cost of living as the most important financial problem facing their family today. While this is a notable decline from 41% last year and 35% in 2023, it remains substantially higher than pre-2021 levels, before inflation surged nationwide. Since 2022, inflation has consistently ranked as the top financial stressor among consumers.
Following inflation, housing costs and lack of money are the next most commonly mentioned issues, each noted by 12% of U.S. adults. Other financial challenges cited include healthcare costs (7%), stock investments (6%), taxes (5%), and debt (5%).
Notably, the poll reveals the largest annual change in financial concern is the 12-percentage-point drop in those naming inflation. Meanwhile, mentions of stock investments and lack of money have increased by five percentage points each.
Americans’ Financial Situations Reflect Ongoing Uncertainty
When asked to rate their current financial situation, 44% of Americans describe it as excellent or good, 37% as “only fair,” and 18% as poor. These ratings have remained stable compared to last year, though they are considerably worse than the 57% positive rating recorded in early 2021 before inflationary pressures rose.
Additionally, a record-high 53% of Americans report that their financial situation is worsening, while 38% say it is improving, highlighting persistent economic uncertainty.
Impact of Recent Economic Events
The survey was conducted between April 1 and April 14, a period marked by stock market volatility triggered by major tariff announcements in early April. Following the Trump administration’s imposition of broad new tariffs on most U.S. trading partners on April 2, the stock market plunged but recovered somewhat after many tariffs were paused for 90 days on April 9. ### Inflation Concerns Across Income Groups
Inflation remains the top financial concern among Americans of all income levels, but it is most frequently cited by middle-income individuals (38%), compared to 27% of lower-income and 24% of upper-income individuals. Housing costs consistently rank among the top financial challenges across income groups, although lower-income Americans cite lack of money or low wages as a greater concern than housing.
Upper-income Americans tend to focus more on stock market investments and retirement savings as their primary financial worries. The decline in citing inflation as the foremost problem is most pronounced among upper-income respondents, showing a 17-point drop from last year’s 41%, while middle- and lower-income groups showed smaller declines of nine and six points, respectively.
Worries Extend to Retirement, Medical Costs, and Standard of Living
In a related survey question about financial worries, Americans reveal high levels of concern regarding several key areas:
- 59% worry about not having enough money for retirement.
- 59% worry about covering medical costs for serious illnesses or accidents.
- 57% worry about maintaining their current standard of living.
- 53% worry about not obtaining good returns on their investments.
Conversely, fewer Americans express worry over normal healthcare costs (45%), being unable to pay their regular monthly bills (42%), or affording rent, mortgage, or housing costs (38%).
Only 33% are concerned about paying for a child’s college education, a figure that jumps to 64% among adults with children under 18. Worry about making minimum credit card payments ranks low in comparison.
Income Levels Influence Financial Worries
As expected, lower-income Americans show much higher levels of concern across most financial challenges than middle- or upper-income groups. The largest disparity exists in worry about paying normal monthly bills—71% among lower-income individuals versus 24% among upper-income earners. However, concern over investment returns is relatively consistent across all income groups.
Trends Over Time in Financial Concerns
Worries about most financial challenges have increased since 2019, before the COVID-19 pandemic, and 2021, prior to the inflation surge. However, the past two years have seen little change in these worries as inflation has moderated somewhat. The one exception is worry about retirement funding, which has decreased over the past two years, possibly reflecting stock market gains in 2023 and 2024. —
About the Survey
The findings are based on the Gallup Economy and Personal Finance survey conducted April 1–14, 2025. Gallup has been tracking public opinion on economic issues for over 90 years, providing a comprehensive view of Americans’ financial concerns and perceptions amid changing economic circumstances.