CLARKSBURG, W.Va. – With changing economic conditions and higher expenses, more and more people are having a hard time paying their bills.
A team of analysts from QuoteWizard used survey results from people across the county to determine how people in every state are dealing with inflation. Response options were “no difficulty,” “slight to moderate difficulty” or “very difficult.”
According to the study, 14% of West Virginians reported in October that they are having a “very difficult” time paying their regular expenses. That is an 82% increase since June of 2021. Less than half of West Virginians, 46%, reported that they have no difficulty paying their regular expenses.
Nationally, inflation is up 6.2% since last year, with expenses such as food and fuel increasing drastically more than average. 12% of Americans surveyed said they are having a very difficult time. The number of Americans who have no issues paying their expenses went down in almost every state.
States that are struggling the most are Oklahoma and Georgia which reported that 20% and 19% of their populations are having a “very difficult” time paying expenses. Minnesota is by far struggling the least according to the survey; 65% of Minnesotans reported that they are having no financial difficulty and only 5% reported they are having a really difficult time.
The data presented above shows just how quickly a change in prices can impact people’s financial situation. Inflation is currently at a 30-year high, and we predict that people’s financial situations will continue to drastically change the higher it goes.Nick VinZant, QuoteWizard, Inflation’s Impact on Each State
The data analyzed was from the Household Pulse Survey. To see how other states are dealing with inflation, click here.