Many Americans are concerned by rising prices, think new government spending would make inflation worse, and want to put aside talks of additional action on student loans.‍

WASHINGTON, DC (February 11, 2022) – As the Biden Administration contends with mounting inflation and the impact of pandemic-related government spending, a new study suggests that Americans are concerned about rising prices and think additional government spending will exacerbate the problem. The study, conducted by YouGov in collaboration with the American Fintech Council (AFC), found that most Americans are concerned by inflation and believe it will be an important issue as they decide their vote for the upcoming 2022 midterm elections.

Despite inflation concerns, the Biden Administration announced an additional 90-day pause on student loan repayments last December, extending the deadline from January 31 to May 1, 2022. Many Americans think that new government spending, like continuing the student loan repayment pause, will spur more inflation.

Key findings from the survey show:‍

Nearly all Americans have seen, read, or heard about the rising rate of inflation and concerns are widespread.

• 86% of Americans have heard about rising inflation, including more than 1-in-3 (34%) Americans who say they have heard a lot about recent inflation numbers, the fastest increase in prices in almost 40 years.
• Almost 9-in-10 (89%) Americans say they are concerned by the current rate of inflation, including 61% who say they are very concerned by the pace of rising prices.

Many Americans believe government spending during the pandemic has played a role in mounting inflation.

• Nearly half (47%) of Americans believe that government spending during the pandemic was the primary or major cause of our inflation woes.
• An overwhelming majority of Americans believe additional increases in spending will lead to inflation. Specifically, 86% think more government spending will increase inflation somewhat or a lot.

Inflation is poised to be a key issue in the upcoming 2022 midterm elections.

• More than 4-in-5 Americans (84%) think inflation will be an important issue in the upcoming 2022 midterms, including 25% who think it will be the most important issue.

When asked to consider additional action on student loan relief, midterm voters are more likely to say we need to put aside talk of cancellation or additional extensions because of the high rate of inflation.

• Midterm voters are more likely than the general public to agree with the idea that we need to put aside talk of student loan cancellation or additional extensions (Statement A: 55% vs. Statement B: 45%).
• There is a significant difference between partisans on the issue of student loan debt relief in the face of inflation: 28% of Democratic midterm voters agree that student loan relief should be tabled for now compared to 84% of Republicans.
• Independents are also more likely to think we need to put aside talk of student debt relief in the face of rising inflation (Statement A: 55% vs. Statement B: 45%).

‍Methodology

YouGov conducted an online survey on behalf of the American Fintech Council among a nationally representative sample of n=1,000 adults, including n=847 likely voters. Margin of error for this study is +/-4.02%. Fieldwork was executed from January 25th through January 28th, 2022. All figures, unless otherwise stated, are from YouGov Plc. The survey was carried out online. The figures have been weighted and are representative of all US adults (aged 18+). Full results of the survey are available here.