Four out of five Americans say they are satisfied with their current standard of living and 63% report improvements in this arena, according to the results of a recently released Gallup survey.
That poll showed that Americans’ perceptions of their personal standard of living were positive enough in May to tie a previous monthly high set in March 2015 despite declines in perception of the country’s overall economic standing.
The Gallup Standards of Living Index provides a temperature reading of Americans in regard to their personal economic standing and is performed in conjunction with the Gallup U.S. Daily survey.
The index results are based on a composite of responses to two questions – one related to satisfaction with personal standard of living and one asking respondents to report if they feel their standard of living is getting better or worse.
Index readings range from 100 on the positive end to -100, depending on how respondents answer the two questions.
May’s index level of +52 tied the previous high set in March 2015. Gallup pollsters note that the index has remained at +50 or higher for the past six months despite other Gallup polls indicating that Americans remain concerned about the country’s economy on the whole.
The index reached its low point of +14 back in October and November 2008 during the global economic crisis. It rebounded to early recession levels in 203, but showed a slight decline during the 2013 government shutdown.
Since then, the index has steadily climbed to reach its high points logged in March and May.
The Numbers Show American Positivity Remains Strong
The May +52 index score came from strong results on both survey questions. Here’s how respondents felt about the issues in May:
- 81% of Americans reported being satisfied with their current standard of living, which tracks well with poll results for that last year or so. That number tied the previous peak on this particular question set in December 2014.
- An estimated 63% of respondents said their personal standard of living is on the upswing. That is nearly twice as high as the all-time low logged in October 2008 at 33%, Gallup noted. The current figure is, however, one percentage point below the seven-year high of 64% recorded in March and April 2015.
The bottom line, according to Gallup, is that while faith in the broad-based American economy has reached negative ground as 2015 has progressed, feelings about personal standard of living are holding strong.
“Americans are often much more positive about their personal situation or conditions in their local area than in the broader country,” the Gallup report noted.
The latest index results were derived from telephone interviews conducted between May 1-31, 2015, involving a random sample of 3,178 adults, ages 18 and up, living in the United States.
