Republicans more likely to say cost of living has gone up since 2020: survey

Pandemic-era inflation has placed a financial burden on many Americans, but it seems Republicans are more likely than Democrats to say their financial situation has gotten worse over the last three years.

A new Bankrate survey published Monday shows 69 percent of Americans think their cost of living has gone up since 2020.  

The 2,000-person survey shows 86 percent of Republicans said their cost of living has worsened since 2020, while 59 percent of Democrats said the same.  

Meanwhile, 80 percent of political independents said their cost of living has increased. 

The survey’s findings somewhat align with a poll from the Wall Street Journal which shows that while attitudes on the economy are improving, many people still don’t think their financial situation is getting better.

The WSJ poll found that 43 percent of voters think their personal financial situation is heading in the right direction, a 9-point increase from December of last year.

Views among Bankrate survey takers also differ along generational lines, with Baby Boomers and Gen Xers far more likely to report experiencing a cost-of-living increase than younger Americans.  

Nearly 80 percent of Baby Boomers and 77 percent of Gen Xers said their cost of living has gotten somewhat or much worse since 2020, according to the survey.  

Meanwhile, 63 percent of Millennials and 46 percent of Gen Zers said the same.  

“With less than a year before Americans will begin casting ballots, the issue of the economy will be key,” said Mark Hamrick, senior economic analyst at Bankrate, in a statement.

“Given sensitivity about the cost of living, whether inflation improves, or doesn’t, between now and the election will take on added importance. Elevated interest rates also play into this equation. There might not be much relief on that front given the Federal Reserve’s guidance on interest rates.” 

Inflation has slowed after reaching a 40-year high in June of 2022. It is now hovering at around 3.2 percent, according to the Bureau of Labor Statistics.  

But inflation might not fall to the Federal Reserve’s 2 percent target level until 2025, according to Bankrate.