FX.co ★ US households note deteriorating financial well-being

According to a survey conducted by the Financial Times and the University of Michigan Stephen M. Ross School of Business, over half of Americans reported a deterioration in their financial situation. They attribute this decline to the current policies of US President Joe Biden. Previously, analysts asked US citizens to assess how their financial status changed after Biden took office. As a result, 55% of Americans stated that their financial position had significantly worsened. This survey, which involved 1,004 respondents, was conducted from November 2 to 7, 2023. According to the survey, 23% of US citizens rated their current financial state as worse compared to previous metrics. Meanwhile, 32% said it worsened slightly, and only 31% were confident that nothing had changed. The remaining 14% noted an improvement in their financial situation during Biden's presidency. Notably, 82% of Americans consider the growth in prices as the primary source of financial stress. The survey indicates that 65% of respondents have significantly reduced discretionary spending, such as leisure or dining out, due to high inflation. Additionally, 52% claim they have substantially cut back on food and essential goods expenditures.