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Poll: 50 percent of Americans believe their financial situation is getting worse

Poll: 50 percent of Americans believe their financial situation is getting worse
A coffee shop is closed in the wake of the Coronavirus COVID-19 pandemic in Annapolis, Maryland on Monday, April 20, 2020. Photo by Kevin Dietsch/UPI | License Photo

April 21 (UPI) -- A Gallup poll released Tuesday found that 50 percent of Americans believe their financial situations are worsening amid rising unemployment due to the COVID-19 pandemic.

The survey found that 50 percent of Americans believe their financial situations are getting worse compared to 35 percent who said it was getting better, a reversal from a poll last year that found 57 percent of Americans felt their financial situation was better and 27 percent said it was getting worse.

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At 12 percent, unemployment was the most common answer when respondents were asked what the most important financial problem facing their family was.

The figure was a 9 percent increase from 2019, reflecting a Labor Department report this month that more than 20 million Americans have filed for unemployment benefits as many businesses have closed due to the coronavirus.

Additionally, the number of Americans concerned about rent, mortgages and other housing costs increased from 30 percent in 2019 to 39 percent in 2020 while fears about the ability to pay monthly bills rose from 36 percent to 43 percent.

Concerns about financial matters increased most among Americans aged 18-29 as concerns about paying housing costs rose 13 percent from 2019, worries about monthly bills rose 17 percent and fears about making minimum credit card payments increased 16 percent.

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The survey was conducted based on telephone interviews with a random sample of 1,017 adults aged 18 and older in all 50 states from April 1-14 with a 4 percent margin of error at the 95 percent confidence level.

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