More than half of Americans say their financial situation is worsening, reaching the highest level in 25 years, according to new data from Gallup.

The survey found that 55% of respondents reported deteriorating finances, up from 53% last year and 47% in 2024. The figure exceeds pessimism levels even during the pandemic recession and the 2008 financial crisis.

“This is the fifth consecutive year that more Americans say their finances are worsening rather than improving,” Gallup reported.

When asked to identify their primary financial concern, 31% of respondents cited the cost of living. Energy costs were mentioned by 13% of Americans, a 10-percentage-point increase from the previous year and the highest share since 2008.

The financial distress comes as gas prices have surged following the outbreak of war with Iran on February 28. The average price of a gallon of gasoline reached $4.11, according to AAA, compared with under $3 before the conflict began.

While inflation remains elevated compared to levels during Trump’s first term, it has declined from its 2022 peak. However, the recent spike in energy costs has intensified pressure on household budgets.

“This represents a major challenge for President Trump and Republicans as attention turns toward midterm elections,” the survey analysis notes.

(YWN World Headquarters – NYC)