The poll also found that 35 percent of Americans stated they have had to take on additional work just to survive. This marks a serious increase from December 2021, when that number stood at 28 percent.
These recent numbers are also remarkably similar to those of the Great Recession when they floated around 37 percent.
To deal with the increasing cost of living, Americans have taken extra side jobs, decreased their driving, and have depended more on using their credit cards. The survey found that 52 percent of Latinos and 45 percent of Black Americans mentioned they are mostly distracted most of or all of the time about making ends meet.
Fifty-five percent of individuals making less than $50,000 yearly also worry about having enough money to cover expenses.
"The grocery store is just outrageous right now. But it's not just that. Everything has gone up. Clothing. My insurance," said Angela Russell, an Ohio resident currently working as a program analyst at the Centers for Disease Control and Prevention (CDC). "The pressure is real. Everything is so much more expensive than it was four years ago. It's astronomical what you're paying."
About 65 percent of Americans indicated that expenses and cost of living are the largest economic problems their families are presently confronting.
According to the research carried out by Moody's Analytics, the average household is spending $925 more every month to purchase the same basket of goods and services as three years ago.
As a result of the present economic state of the United States, 69 percent of Americans have implied that they have adjusted spending on extras and entertainment.
About 68 percent of Americans have said they have altered their grocery purchasing habits. At least 41 percent of Americans suggested that they have decreased their driving while 37 percent pointed out that they are earning credit card debt to purchase necessities. (Related: America: What we're witnessing are the classic final stages of a massive bubble economy right before it COLLAPSES.)
Prices are not going down despite claims inflation is slowing
The administration of President Joe Biden claims that the rate of inflation has eased significantly since the early days of the inflation crisis.
Data from the Bureau of Labor Statistics claims that consumer prices have "only" increased by three percent year-over-year in July. This is still a significant increase although it is far from the peak year-over-year inflation of nine percent in June 2022.
Despite this, many Americans do not feel the improvement in their finances. Prices are still higher and they are still increasing, even if at a slower pace. Consumers are still struggling to catch up to the price spikes from two years ago.
"We can talk all day about how inflation is moderating but the cumulative impact of several years' worth of inflation has done a number on household budgets," said Greg McBride, chief financial analyst at consumer financial services firm Bankrate. "The view from 35,000 feet is unemployment is low, the economy is growing and people are spending money."
"The reality on the ground is moderating inflation doesn't mean prices are coming down, just that they aren't going up as fast," McBride warned.
Follow FinanceRiot.com for more news about the rising cost of living in America.
Watch the video below about the CNBC All-America Economic Survey saying that more Americans are optimistic about the outlook for the U.S. economy.
This video is from the TrendingNews channel on Brighteon.com.
More related stories:
Poll: 63% of Americans are falling behind in costs of living.
Survey finds three out of four Americans feel financially insecure.
Poll: American voters blame Biden’s policies for making inflation worse as approval dips.
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