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Survey finds more than half of Americans are experiencing financial hardship due to gas prices
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But not as many Americans are stressed as in the past when gas has been expensive. When gas prices spiked in 2005 and 2008, more than 70% of people said it was causing them financial hardship. Now, about half of Americans are saying that.
One reason fewer people are stressed, Gallup found, is that most people today think high gas prices are temporary. Plus, more Americans are in better shape financially.
“We’ve seen that in higher savings balances and lower credit card debt,” said Rob Levy, vice president of research with the Financial Health Network. “We also find consumers are spending less right now … on things like credit card debt, auto loans, as well as really high-cost lending, like payday loans and pawn loans.”
More people are also working from home now and can choose to drive less.
Lisa Miller’s been driving less. “I’ve been trying not to make any unnecessary trips.”
Miller is a single mom in New Jersey with three kids. Gas prices are a huge stress for her right now. “It’s all stressful because everything’s going up — food’s going up, the gas is going up,” she said.
But she added that her salary isn’t.
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