In a new survey conducted by Morning Consult, The Century Foundation asked 2,007 Americans how they are managing amid the high cost of living in today’s economy, who they think is to blame for the increasing precarity in their daily lives, and what should be done to fix it.

The June survey1 reveals four key findings, discussed in detail in this report:

  • American families are struggling financially, and 6 in 10 place blame on Donald Trump for driving up their cost of living. Across a range of different questions, respondents report difficulty making ends meet and keeping up with bills, and were concerned with falling further behind. More than half believe that billionaires, corporations, and congressional Republicans have made their lives harder. Notably, 6 in 10 believe that after just six months on the job, the Trump administration has negatively impacted their cost of living.
  • To manage the high cost of living, Americans are turning to debt and other risky financial products and practices. While the federal government tears down programs such as Medicaid and food assistance and federal regulators give the green light to companies to rip off consumers, families are being forced to construct their own safety nets from a web of risky financial practices. In the past year, more than 40 percent of Americans have dipped into savings, 37 percent have turned to credit cards, and many report borrowing from friends and family and taking on debt just to pay the bills.
  • While recent price hikes for gas and groceries dominate news coverage, Americans are also deeply concerned about the basic building blocks of their financial life. Rising costs are particularly acute for families right now, but the affordability crisis Americans are experiencing has been brewing for years. More than 6 in 10 Americans say it has become more difficult over the past twenty-five years for average people to get a good-paying job, find affordable child care, and buy a home.
  • Americans think corporate interests, not government red tape, are the biggest obstacle to making change—and they think it should be a top priority of the government to hold companies accountable for unfairly hiking prices, driving up the cost of living, and taking advantage of people. While some policymakers and experts have emphasized bureaucracy and red tape as a primary barrier to big public projects that lower costs for average people, more than half of Americans believe that the influence of corporations and billionaires is the biggest obstacle, not red tape. Americans also see it as a top priority to not just lower costs, but to hold accountable those companies and individuals who unfairly drove costs up in the first place.

Summary of Survey Findings

Key Finding 1: American families are struggling financially, and they place the blame on Donald Trump, billionaires, corporations, and congressional Republicans for making their lives harder.

Financial insecurity is widespread and runs deep. More than 4 in 5 Americans (83 percent) are concerned about the price of groceries, with nearly half (46 percent) saying they are very concerned. Nearly half (47 percent) of Americans are worried about their current ability to pay their rent or mortgage. And nearly two-thirds (64 percent) worry about their ability to pay an unexpected medical expense if one should arise. Nearly half of all Americans (48 percent) believe they would have difficulty paying an unexpected $500 bill without borrowing. Nearly 1 out of every 4 say it would be “very difficult” to meet a $500 expense, such as a surprise home repair or an unexpected medical bill, without borrowing.

Figure 1

This financial insecurity is widespread across demographic and income groups—although it is more pronounced among groups such as younger Americans, Americans of color, women, and lower-income Americans. For example, among Gen Z (individuals born between 1997 and 2012), 85 percent are concerned about the price of groceries and 44 percent are concerned about paying their rent or mortgage. Among Millennials (individuals born between 1981 and 1996), 83 percent express concern about grocery prices and 64 percent about housing costs. More than 8 in 10 Black voters (84 percent) and nearly three-quarters of Hispanic voters (74 percent) were concerned about the cost of groceries, while 62 percent of Black voters and 54 percent of Hispanic voters were worried about paying their rent or mortgage.

Among Gen Z, 61 percent say they would find it difficult to pay a $500 bill without borrowing. And 56 percent of Millennials say they would find it difficult, including 31 percent who say it would be very difficult. Around 6 in 10 respondents of color, including 61 percent of Black and 57 percent of Hispanic voters, would face difficulty paying a $500 expense, compared to 45 percent of white voters. Women experience more financial insecurity than men, with 53 percent reporting they would face difficulty compared to 44 percent of men, as did more than 7 in 10 government workers, perhaps reflecting the Trump administration’s recent layoffs in the federal sector.

A large portion of American families—especially low- and middle-income families—say they have trouble paying their bills, such as a surprise medical expense and even their rent or mortgage. Nearly 7 in 10 (69 percent) of those with annual family incomes below $50,000—as well as half of those with annual incomes between $50,000 and $100,000 per year—say they would have difficulty paying an unexpected $500 expense without borrowing. But even among Americans with family income greater than $100,000 per year, more than one-third (36 percent) would have difficulty paying a surprise $500 bill without borrowing. In addition, more than two-thirds (67 percent) of people with household incomes below $50,000 and 68 percent of people with incomes between $50,000 and $100,000 worried about an unexpected medical expense. And more than half (54 percent) with incomes below $50,000 and half with incomes between $50,000 and $100,000 (50 percent) worried about paying their rent or mortgage.

These economic pressures are top-of-mind for a large share of Americans every single day. A shocking 1 in 4 Americans (24 percent) say they spend at least three hours on a typical day worrying about their finances and ability to afford basic necessities. More than 4 in 10 spend at least one hour per day. Millennials and GenZers are experiencing the greatest anxiety, with 56 percent and 50 percent, respectively spending one hour or more per day focused on financial concerns. While low- and middle-income Americans express the strongest financial concerns, one-third of those with incomes above $100,000 also spend at least an hour concerned about their finances on a typical day.

Figure 2

A large majority fear the economic situation—and their financial struggles—will get worse. More than three-quarters of Americans (76 percent) say they are concerned about a possible recession, with more than 4 in 10 (41 percent) indicating they are very concerned. If a recession arrives—bringing a higher risk of job loss and shrinking access to credit—large numbers of Americans fear they won’t be able to afford everyday needs. For instance, nearly 6 in 10 (58 percent) worry they won’t be able to afford health care. Majorities are also concerned about falling behind on their bills (55 percent), taking on debt to make ends meet (55 percent), and being able to put food on the table (53 percent) in the event of an economic downturn.

More than three-quarters of Americans (76 percent) say they are concerned about a possible recession, with more than 4 in 10 (41 percent) indicating they are very concerned.

The majority of voters feel the Trump administration’s actions are making their problems and anxieties worse—not better. Most Americans believe President Trump has had a negative impact on grocery prices (63 percent) and the cost of living (61 percent), while only 29 percent think he has positively impacted the price of groceries and the cost of living. Nearly half (49 percent) say Trump’s policies have had a harmful effect on their own personal finances. When thinking of their own financial situation, nearly 8 in 10 Americans—including nearly 70 percent of Republicans—say they’re concerned that President Trump’s tariffs will raise prices on everyday goods such as clothing and appliances. Almost half (49 percent), including more than one-third of Republicans (35 percent), believe the tariffs will increase prices by a lot on goods produced overseas. And even for goods produced here at home, nearly 70 percent expect Trump’s tariffs to increase prices.

Figure 3

Americans see a direct connection between their own struggles and the gains made by the wealthy and powerful—including corporations, billionaires, and certain policymakers. For instance, a majority of Americans (51 percent) believe that corporations have played an active role in making life harder for average people like them in the past quarter century, while only 20 percent of Americans believe corporations have made life easier—a 31-point negative margin. When asked to reflect on corporations’ role in their own personal finances, 48 percent believe corporations worsen their ability to pay their bills, while only 16 percent think corporations improve it—a net negative margin of three-to-one.

Billionaires receive even more blame, with 52 percent of Americans saying billionaires have made life tougher, including nearly 4 in 10 (38 percent) who say billionaires have played a large role in making life harder. By contrast, just 14 percent think billionaires have made life easier. Again, voters see a direct trade-off between their well-being and the power of the wealthy: more than four times the number of Americans think billionaires have worsened their ability to pay the bills (51 percent) rather than improved it (12 percent).

Figure 4

Americans also blame national politicians for making life harder. Half of Americans think Republicans in Congress have played a role in making life harder in the past twenty-five years, with only 27 percent saying they’ve had a role in making it easier—a 23-point net negative differential. Americans perceive congressional Democrats’ role as somewhat more mixed, but a large share (41 percent) believe Democrats in Congress have made life harder, while 34 percent say they have played a role in making life easier—a 7-point net negative differential.

Key Finding 2: To manage the high cost of living, Americans are turning to debt and other risky financial products and practices.

More than a third of Americans are turning to high-cost debt to cover their bills. Significant shares have also had to turn to credit cards (37 percent) or take on debt (29 percent) to afford the bills. This is consistent with the larger trends in use of credit products, like the notable shift in use of “buy now, pay later” products for groceries.2 The rates of families using credit card debt to cover expenses is all the more concerning as credit card delinquencies continue to rise.3

Large shares of families are tapping savings to cover everyday costs, too. Just to pay their bills, 41 percent say they have had to tap into their savings in the past twelve months. Half of Millennials resorted to this measure (50 percent) as did 46 percent of those in Gen Z. Nearly half of Hispanic and Black respondents report having to use their savings to pay bills in the past year (48 percent and 47 percent, respectively), compared to 39 percent of white respondents.

Twenty-five percent of respondents say they or someone in their household has skipped meals to save money in the past year.

One in four Americans report skipping meals to make ends meet. Twenty-five percent of respondents say they or someone in their household has skipped meals to save money in the past year—numbers that rose to nearly 4 in 10 for Hispanics (41 percent) and nearly 3 in 10 for Blacks (29 percent). The youngest Americans surveyed, ages 18–34, are by far the most likely to have skipped meals to pay bills (38 percent), and rates were similarly high for those in households with income below $50,000 per year (39 percent).

Figure 5

Many families are falling behind on their bills. Despite making tough choices to afford the basics, more than 1 in 4 Americans (26 percent) still fell behind on their monthly bills in the past twelve months and 23 percent say they had difficulty paying their rent or mortgage.

Key Finding 3: While recent price hikes like gas and groceries dominate news coverage, Americans are deeply concerned about the basic building blocks of their financial life—such as finding a good-paying job, getting affordable child care, and buying a home.

Looking back over the past quarter century, the large majority of Americans say it has gotten harder to obtain the building blocks of their financial life. For everyday families, much of the past few decades has been a story of nonexistent to small growth in real take-home pay,4 as wages have failed to keep pace with overall productivity in the economy.5 At the same time, families have been squeezed by rising costs—both for basic necessities like food and health care and for the core tenets of upward mobility, such as higher education and housing. Not surprisingly, nearly 7 in 10 Americans say that in the past twenty-five years, it has gotten harder to raise a family, while only 1 in 10 believe it has gotten easier.

Americans’ overall sentiment on the increasing difficulty of raising a family tracks with their feelings on the increasing difficulty of accessing the building blocks of a comfortable life. More than 70 percent say it’s gotten harder to buy a home (73 percent) and pay for college (72 percent), while nearly as many (69 percent) say it’s gotten harder to find affordable child care. Indeed, a large swath of Americans believes it has gotten harder to simply pay the bills (65 percent) since 2000. Meanwhile, as costs have risen, Americans are pinched more and more by inadequate paychecks, with 62 percent saying it has gotten harder to find a good-paying job.

Figure 6

Key Finding 4: Americans think corporate interests, not government red tape, are the biggest obstacle to making change—and they think it should be a top priority to hold companies accountable for unfairly hiking prices, driving up the cost of living, and taking advantage of people.

Americans view the wealthy and powerful as the leading obstacle preventing our country from getting things done. While some policymakers and pundits have argued that bureaucracy is the biggest enemy of progress on government projects, the majority of Americans (51 percent) think the biggest obstacle keeping the government from finishing public projects is the outsized influence of corporations and billionaires. By comparison, a smaller share, 33 percent, believe the biggest hurdle is too much bureaucratic red tape and regulations on the books. When considering responses by political party affiliation and gender, Republican men were the only subgroup in which a majority of respondents believe that red tape is the biggest obstacle (51 percent).

Figure 7

Across party lines, Americans believe that tamping down corporate power will help them. According to most Americans, actions that hold the wealthy and powerful accountable would help them and people like them. That includes reducing the influence of money in politics (60 percent), prosecuting companies that cheat workers and consumers (60 percent), and raising taxes on the rich (57 percent).

Further, the survey reveals a widespread desire for national leaders to make it a top priority to prevent corporations from exercising undue power, and to hold them accountable for unfairly raising prices and hurting consumers. For example, more than 8 in 10 Americans want the government to hold corporations accountable for inflating the price of prescription drugs—and 54 percent, including 52 percent of Republicans, believe this should be a top priority. Nearly the same share (80 percent) want the government to strengthen rules to prevent businesses from taking advantage of consumers. Nearly 8 in 10 (78 percent) of Americans agree that the federal government should prioritize prosecuting companies that work together to raise prices on consumers, and an identical share believe the government should help workers who have had wages stolen by employers. Finally, more than three-quarters (76 percent) want the federal government to increase taxes on the wealthy and corporations, and nearly 7 in 10 (68 percent) believe that the government should do more to break up corporate monopolies.

Figure 8

Conclusion

Millions of Americans across backgrounds and political affiliations harbor deep economic anxiety and are struggling just to afford the everyday expenses—let alone the basics such as housing or child care. And they are clear that the power imbalance between corporations and ordinary people is often making their lives worse. The scale of the economic challenges facing American families and the risks they are taking on to cope—including taking on debt—should sound an alarm for policymakers and financial regulators.

Notes

  1. Morning Consult conducted the nationally representative survey on behalf of The Century Foundation between June 5 and June 9, 2025, among a sample of 2,007 registered voters. The interviews were conducted online, and the data were weighted to approximate a target sample of registered voters based on age by gender, education, ethnicity, home ownership, marital status, race by education, 2024 vote, and region. Results from the full survey have a margin of error of ± 2 percentage points. This report uses terms such as “Americans,” “families,” and “people,” interchangeably to refer to trends identified among registered voters. Full survey results are available upon request.
  2. Andrew Ross Sorkin et al., “Buy‑Now‑Pay‑Later Defaults Are Surging,” New York Times, May 30, 2025, https://www.nytimes.com/2025/05/30/business/dealbook/buy-now-pay-later-defaults.html.
  3. Andrew Hertzberg and Anna Benoit, “Credit Scores and Rising Credit Card Delinquencies,” Federal Reserve Bank of Philadelphia Research Department, 2025, https://www.philadelphiafed.org/-/media/FRBP/Assets/Economy/Articles/economic-insights/2025/q2/eiq225-credit-scores-and-rising-credit-card-delinquencies.pdf.
  4. Kogan, Bobby, and Brendan Duke. “Americans’ Wages Are Higher Than They Have Ever Been, and Employment Is Near Its All‑Time High.” Center for American Progress, October 17, 2024. https://www.americanprogress.org/article/americans-wages-are-higher-than-they-have-ever-been-and-employment-is-near-its-all-time-high/.
  5. Economic Policy Institute. “The Productivity–Pay Gap.” Economic Policy Institute, accessed July 2025. https://www.epi.org/productivity-pay-gap/.

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