Most say that household debt is either rising or not going away.
An AP-NORC Poll shows that most adults are experiencing increased household debt and expenses without a similar rise in income or savings.
WHY IT MATTERS – Polls repeatedly show that the rising cost of living is the most important issue voters.
THE NUMBERS – An AP-NORC Poll conducted October 5-9, 2023 with 1,163 adults nationwide revealed that two-thirds of adults say their household expenses have risen over the last year, but only about a quarter have also seen their income increase during the same period. When asked about whether their household expenses have increased, stayed the same, or lowered:
- 69% said they increased
- 22% said
- 8% said they lowered
When asked whether their household debt has increased, stayed the same, or lowered:
- 40% said it increased
- 39% said it stayed about the same
- 20% said it lowered
When asked whether their household income has increased, stayed the same, or lowered:
- 23% said it increased
- 48% said it stayed about the same
- 28% said that it lowered
THE BOTTOM LINE – Americans worry they will not be able to meet their household expenses with their current earnings, as expenses begin to outpace take-home income.
GO DEEPER – Many are uncertain about their financial futures as household expenses outpace earnings