Nearly half of Americans "struggling" with high inflation, soaring gas prices: poll

Fireworks explode over the National Mall to celebrate U.S. Independence Day in Washington, D.C., the United States, July 4, 2022. (Photo by Aaron Schwartz/Xinhua)

That number is the highest it's been since the Monmouth University Polling Institute began asking the question five years ago.

NEW YORK, July 7 (Xinhua) -- The sense of optimism coming out of the pandemic has all but deflated as a looming recession has Americans taking stock of their financial situation and wondering how they'll be faring in just a few months, reported Fortune on Wednesday.

The Monmouth University Polling Institute found 42 percent of Americans say they're struggling to remain where they are financially, according to a new poll released on Tuesday. The institute conducted the survey between June 23 and 27 using a national random sample of approximately 1,000 people over the age of 18.

"That number is the highest it's been since the institute began asking the question five years ago," said the report.

Previously, it had hovered between 20 percent and 29 percent, and in the past year alone it's up 18 percent, as widespread access to COVID-19 vaccines allowed pandemic-era restrictions on the economy to lift, sparking hope that a full recovery was imminent, according to the report.

The poll also included a breakdown of causes for financial insecurity. An even higher percentage of respondents, 48 percent, named either inflation or gas prices as their biggest concern. Other major financial stressors included the economy in general, which 9 percent of respondents named, and paying everyday bills, which 6 percent of respondents named.