President Donald Trump still commands considerable loyalty among Republican voters, but a new poll contains a warning sign the White House may not want to ignore.
Nearly one in four Americans who voted for Trump in 2024 say they are financially worse off since he returned to office, according to a new Financial Times/Focaldata survey.
With inflation, gasoline prices and everyday household expenses continuing to squeeze Americans, the findings suggest the economy could become a critical issue for Trump and Republicans heading toward the midterm elections.
And while Trump’s supporters remain considerably more positive about his performance than the country overall, some of the numbers show that even parts of his own coalition are feeling financial pressure.
Nearly One In Four Trump Voters Says Finances Have Worsened
The FT and Focaldata poll, taken between August 7th to the 11th, discovered that 24% of Trump’s 2024 voters believe they are financially worse off since his second term began.
Among Americans who supported Trump during the 2020 election, 23% said the same.
That does not mean those voters are abandoning Trump or preparing to support Democrats. The poll measured their financial circumstances, not whether they regretted their votes.
Still, the results give Republicans something important to consider.
For many voters, economic success isn’t determined by statistics coming out of Washington. It is determined at the grocery store, gas station and kitchen table.
Majority Of Americans Say They Are Worse Off
The dissatisfaction becomes considerably more pronounced when looking at the country as a whole.
According to the survey, 53% of respondents said they were financially worse off since Trump returned to the White House.
Only about 20% said their finances had improved.
Those numbers underscore one of the biggest political challenges facing the Trump administration: convincing Americans that its economic policies are improving their lives while many households continue dealing with elevated prices.
This issue can be particularly important for retirees and older Americans living on fixed incomes.
Even relatively modest increases in groceries, gasoline, electricity, insurance and other recurring expenses can take a significant bite out of a monthly household budget.
Inflation Continues To Squeeze Household Budgets
Inflation remains part of the problem.
Annual inflation reached 3.4% in July, according to the Consumer Price Index. When Trump began his second term in January 2025, annual inflation stood at 3%.
But there is an important distinction when discussing inflation.
A declining inflation rate would not necessarily mean that prices are falling. It would mean that prices are rising more slowly.
For consumers who already endured substantial price increases in previous years, that distinction matters.
Families don’t get their previous purchasing power back simply because the inflation rate moderates.
That helps explain why Americans can hear encouraging economic statistics while simultaneously feeling that their own financial situation has not improved.
Gas Prices Are Another Problem For Consumers
Energy costs have added another layer of financial pressure.
Fuel prices were 14.7% higher compared with a year earlier last month, after the annual increase peaked at 23.5% in May.
The ongoing war with Iran has placed additional pressure on energy markets and complicated the administration’s efforts to bring household expenses under control.
As of Monday, the national average price for regular gasoline was approximately $4.06 per gallon, according to AAA.
Shortly before the United States and Israel began military operations against Iran in late February, regular gasoline averaged less than $3 per gallon nationwide.
That difference can add up quickly.
An American purchasing 50 gallons of gasoline during a month would spend roughly $50 more when gasoline costs $4 per gallon instead of $3.
Over the course of a year, that could amount to approximately $600 in additional fuel expenses, assuming similar driving habits.
For commuters, rural families, truck owners and small-business operators who drive frequently, the financial impact could be even larger.
Some Trump Supporters Say Economy Is Heading The Wrong Way
Another finding could attract attention inside Republican circles.
More than six in 10 respondents said the economy is moving in the wrong direction, according to the poll.
That included 37% of Trump’s 2024 voters.
Trump continues to receive much stronger economic ratings from his supporters than he does from Americans overall.
Fewer than three in 10 respondents approved of the president’s handling of the economy and job market. Among voters who supported Trump in 2024, however, approximately half approved.
In other words, Trump’s political base remains much more confident in him than the broader electorate.
But confidence in the president and satisfaction with personal finances are not necessarily the same thing.
Republicans Have Time To Change The Economic Story
The poll does not necessarily spell political disaster for Trump.
Economic conditions can change, and voters who currently feel squeezed could have a very different outlook if inflation cools, gasoline prices decline and household purchasing power improves.
Trump has repeatedly emphasized American energy production, domestic manufacturing, trade and economic growth as central parts of his agenda.
The challenge now is turning those policies into results Americans can see in their monthly budgets.
That could become especially important as Republicans prepare for the midterm elections.
If Americans begin feeling more financially secure, Republicans could benefit from an improving economic environment.
If high prices persist, Democrats will almost certainly attempt to make affordability a central campaign issue.
The Kitchen-Table Test Could Matter Most
Presidents frequently point to economic statistics such as employment, investment, manufacturing and economic growth.
Voters often use a much simpler test.
How much does it cost to fill the gas tank?
How expensive is a trip to the grocery store?
Are utility bills increasing?
Is there money left after paying the mortgage, insurance and other monthly expenses?
Those questions can be especially important for Americans approaching retirement or already living on Social Security, pensions and retirement savings.
The latest poll suggests a meaningful portion of Trump’s own supporters aren’t yet feeling the financial improvement they want.
That doesn’t mean they’ve turned against him.
But with 24% of his 2024 voters saying they are financially worse off, it gives Trump and Republican leaders something to think about as they work to convince Americans that better economic days are ahead.
The Financial Times/Focaldata survey was conducted Aug. 7-11 among 2,152 respondents and has a margin of error of 2.1 percentage points.