Nearly three in four middle-income Americans say they are on the right track toward financial security, with concern about inflation easing, according to a new survey by Santander. The poll found that 74% of respondents said they were on the path to financial prosperity as of the first quarter of 2024, up from 69% of respondents at the same time last year. At the same time, 46% of respondents listed inflation as the biggest obstacle to financial prosperity, down from 57% a year ago. Still, roughly 60% of respondents believe the U.S. will enter a recession in the next 12 months.
The survey also found that 67% of respondents have made cuts in their household budgets to cope with higher prices, with 66% saying they have not been able to afford as much. The top five purchases delayed because of inflation were vacations, vehicles, home improvements and repairs, clothing and apparel, and furniture. Forty-five percent of respondents said they were better equipped to manage increased prices compared to a year ago, with 29% neutral on the question and 25% saying they were not better equipped.
