High gas prices are causing financial hardship for more than half of Americans, survey finds
Gas prices are still high across the country, causing stress and financial hardship for many Americans, according to a recent Gallup survey.
But fewer Americans are stressed than in the past, when gas was expensive. When gasoline prices soared in 2005 and 2008, more than 70% of people said it caused them financial hardship. Now about half of Americans say that.
According to Gallup, one of the reasons fewer people are stressed is that most people today think high gas prices are temporary. Plus, more Americans are in better shape financially.
“We’ve seen this in higher savings balances and reduced credit card debt,” said Rob Levy, vice president of research at the Financial Health Network. “We’re also seeing that consumers are spending less right now…on things like credit card debt, auto loans, as well as very expensive loans, like payday loans and pawn loans.”
More and more people are now working from home and can choose to drive less.
Lisa Miller drives less. “I tried not to make unnecessary trips.”
Miller is a single mother from New Jersey with three children. Gas prices are a huge stress for her right now. “It’s stressful because everything is going up – food is going up, gas is going up,” she said.
But she added that her salary was not.
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