NEW YORK - According to a recent poll conducted by The Associated Press-NORC Center for Public Affairs Research, about two-thirds of Americans have reported an increase in household expenses over the past year, while only a quarter have seen their incomes rise during the same period. This alarming trend has left many individuals worried about their financial futures.

The survey, which examined the personal finances of Americans, shed light on the growing burden of household debt that continues to plague individuals and families. A significant number of respondents revealed that their overall household debt has either increased or remains unchanged compared to a year ago.

One respondent, Steve Shapiro, a 61-year-old audio engineer from Pittsburgh, expressed his frustration, stating that his grocery expenses have doubled from approximately $100 to $200 per week, while his income remains stagnant. Shapiro remarked, "The economy is good on paper, but I'm not doing great."

The poll also highlighted the prevalence of different forms of debt among Americans. Approximately half of the respondents reported having credit card debt, while four in ten are weighed down by auto loans. Additionally, one in four Americans find themselves burdened by medical debt, further exacerbating their financial concerns.

The survey revealed that only 15% of Americans reported an increase in household savings over the past year, reflecting the challenges individuals face in setting aside money for emergencies or future needs. Tracy Gonzales, a 36-year-old subcontractor in construction from San Antonio, Texas, shared her experience of accumulating significant medical debt due to an unexpected tooth infection. She emphasized the stress of medical bills and how she has tried to avoid seeking treatment because of the costs involved.

The AP-NORC poll also assessed Americans' confidence in various financial circumstances. The findings indicated that relatively few individuals expressed a high level of confidence in their ability to handle unexpected medical expenses or save enough for retirement. The ongoing burden of debt, mixed with concerns over inflation, contributes to the overall uncertainty among respondents about their financial stability.

The poll underscored the impact of rising interest rates on consumer behavior, with nearly a third of Americans admitting to delaying major purchases due to increased interest rates in the past year. Furthermore, with the end of the pandemic-era payment pause on federal student loans, approximately one in four adults now find themselves grappling with student debt.

As Americans grapple with economic challenges, the perspectives on inflation and its management differ. The survey showed that opinions were split between the Republicans and Democrats in terms of their ability to handle inflation, and a significant portion (30%) expressed mistrust in both parties' capacity to address the issue effectively.

Despite the prevailing economic concerns, consumer spending has remained robust, contributing to a strong quarter of growth from July to September when the economy expanded at an annual pace of 4.9%. However, this growth has not translated into improved living standards for most households, as wages and salaries have struggled to keep up with inflation in the wake of the pandemic.

The poll findings also reflected demographic disparities. Older Americans expressed more confidence in their current financial situations compared to their younger counterparts. Individuals with higher levels of education or greater household incomes tended to evaluate their finances more positively.

The majority of Americans who participated in the poll (54%) described their household's financial situation as good, although this figure has decreased from 63% in March of 2022. Meanwhile, three-quarters of respondents viewed the nation's economy as poor, aligning with previous measurements from early last year.

The survey revealed apprehension among retirees regarding their retirement savings, with only 30% expressing high confidence in their financial preparedness. The loss of Social Security and pension contributions following the death of a spouse, as experienced by Will Clouse, a 77-year-old retiree from Westlake, Ohio, further highlights the challenges faced by individuals living on fixed incomes.

The ongoing economic concerns have ramifications in the political arena, with President Biden receiving mixed approval ratings in handling various aspects of the economy. The majority of Americans disapproved of his performance regarding the federal budget, the economy itself, and student debt.

The AP-NORC poll, conducted from October 5-9, 2023, surveyed 1,163 adults and had a margin of sampling error of plus or minus 3.9 percentage points. These findings shed light on the financial struggles faced by many Americans as household expenses outpace earnings, leaving them uncertain about their economic future.