In a new CNN poll, it has been revealed that a growing number of Americans are worried about their ability to make ends meet. Nearly four in ten (39%) US adults expressed consistent concerns that their family's income won't be enough to cover expenses, an increase from 28% in December 2021. These numbers are comparable to the figures seen during the Great Recession in 37%.

The poll highlighted that many Americans are adopting various coping mechanisms to navigate financial challenges. It was found that a significant portion of the population is taking on side jobs, reducing driving, and relying more on credit cards to manage expenses. The worries surrounding financial stability were particularly high among Latino (52%) and Black (46%) Americans.

The survey underscored the impact of rising prices on households, despite low unemployment rates and moderate inflation. More than half (55%) of those making less than $50,000 a year expressed concerns about meeting expenses. The escalating costs of groceries, clothing, and insurance were cited as contributing factors to this financial strain.

One respondent, Angela Russell, an Ohio resident and program analyst at the Centers for Disease Control and Prevention (CDC), shared her experience of moving to a cheaper rental home in a rural area due to soaring expenses. Russell's sentiments reflected those of many Americans who are grappling with the consequences of years of rising prices.

According to Moody's Analytics, the average American household is now spending $925 more each month to purchase the same goods and services as three years ago. This financial burden has left individuals feeling overwhelmed as they struggle to catch up with the price spikes experienced in 2022 and 2023.

Despite the easing of inflation with consumer prices increasing by 3% year-over-year in July, as reported by the Bureau of Labor Statistics, the impact of cumulative inflation on household budgets remains significant. Greg McBride, the chief financial analyst at Bankrate, noted that even though inflation may be moderating, prices are still higher compared to last year, and the cumulative effects have taken a toll on families.

There is some positive news, however, as paychecks have also experienced growth over the past three years. Median household incomes have increased by $1,110, surpassing the additional $925 spent on goods and services. Nevertheless, the disparities in income growth mean that many individuals continue to struggle financially, merely treading water as their buying power dwindles.

To make ends meet, a substantial portion of Americans (35%) reported taking on extra work. This number increased among Latinos (52%), Black Americans (44%), and those under the age of 45 (47%). The changing economic landscape has forced Americans to cut back on discretionary spending (69%), alter their grocery buying habits (68%), reduce driving (41%), and rely on credit card debt for necessities (37%).

One of the poll respondents, Angela Russell, shared how she had to cut back on various activities and prioritize essentials due to financial constraints. Canceling streaming services, going to the movies less frequently, and altering her shopping habits were some of the adjustments she had to make.

The CNN poll, conducted by SSRS from June 3-24, sheds light on the growing concerns of Americans regarding their financial stability. It is important to note that these findings were collected before President Joe Biden dropped out of the 2024 presidential race on July 21. The poll consisted of a random national sample of 2,021 adults and included online and telephone interviews. The margin of sampling error is plus or minus 2.7 percentage points for the full sample.

As Americans grapple with the ongoing financial challenges brought about by rising expenses, it remains to be seen how policymakers and the private sector will respond to address these concerns and provide relief to those struggling to make ends meet.