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October 12, 2022
About four weeks before the midterm elections, the public remains largely negative about the economy and President Biden’s handling of it. After holding steady for years, concerns about personal finance are on the rise.
However, most people don’t hold Biden’s policies responsible for the high prices. Republicans are much more likely to blame Biden, while Democrats cite factors beyond his control.
Twenty-five percent of adults say things in the country are moving in the right direction, and 74% think the country is moving in the wrong direction. This is similar to the AP-NORC survey conducted in September. The president’s overall approval rating has also remained steady since September.
After Hurricanes Fiona and Ian, most people approve of Biden’s handling of natural disasters. And 55% approve of his handling of the coronavirus pandemic, long one of his most pressing problems. However, most people disapprove of Biden’s handling of immigration. And society continues to negatively evaluate his management of the economy.
Twenty-three percent of the public described the nation’s economy as good, down from 29% in September and about the same as June during the peak of high gas prices. Last month, 46% of Democrats said the economy was good; now only 35% rate it positively. The majority, 64%, believe that the economy is in bad shape. Republicans’ opinion has not changed since June: only 10% view the economy favorably.
The outlook for the economy, while still negative, improved slightly last month. [1] But that positivity is fading, especially among Democrats.
Although people are more positive about their own financial situation, this has also had an impact. The share of people who rate their personal financial situation as good has been fairly consistent over the past few years, including during the economic downturn in the early months of the COVID-19 pandemic. Last spring, majorities of both Republicans and Democrats called their household’s financial condition good. But now about half of Republicans and more than a third of Democrats say their own finances are bad.
The statewide poll was conducted October 6-10, 2022, using the AmeriSpeak® Panel, a probability-based NORC panel at the University of Chicago. Online and telephone interviews using landlines and mobile phones were conducted with 1,121 adults. The margin of sampling error is +/- 3.8 percentage points.
Suggested Citation: AP-NORC Center for Research on Public Affairs. (October 2022). “People are feeling increasingly negative about their personal finances” https://apnorc.org/projects/people-are-feeling-increasingly-negative-about-their-personal-finances/
[1] https://apnorc.org/projects/despite-some-signals-of-optimism-the-public-remains-largely-dissatisfied-with-the-economy-and-the-direction-of-the-country/
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