Cost of living crisis remains top concern for voters in major western economies

The cost of living crisis that upended global politics last year continues to be the primary issue for populations living in the world’s largest economies.

A new international POLITICO poll shows that voter frustration over persistent financial hardships continues to have a very strong impact today.

The POLITICO poll conducted in five major economies reveals that pressure on the cost of living is reflecting on politics:

In the US, nearly two-thirds of voters (65 %) say the country’s cost of living got worse last year.

In the United Kingdom, where the Conservatives were ousted in 2024 after 14 years in power, 77 % of voters say the cost of living has worsened.

In France, as President Emmanuel Macron grapples with historically low approval ratings, nearly half of adults (45 %) say their country has fallen behind similar economies.

In Germany, following long internal strife over the economy, former Chancellor Olaf Scholz’s ruling coalition collapsed last year. There, 78 % of respondents say the cost of living worsened last year.

In Canada, the post-pandemic economic crisis increased public backlash against the government of then-Prime Minister Justin Trudeau, who resigned earlier this year. According to the POLITICO poll, 60 % of adults in the country say the cost of living is at the worst level they can remember.

The results of the first joint international poll by POLITICO and Public First reveal the difficult struggle many leaders face as they try to contain intertwined economic and political turmoil.

Five years after the coronavirus pandemic upended the global economy, and as the world grapples with competing conflicts and artificial intelligence rapidly becomes a defining force, a significant portion of respondents in the US, Canada, and Europe’s largest economies—Germany, the United Kingdom, and France—view the cost of living as one of the biggest problems currently facing the world.

While leaders claim they are trying to solve economic problems, many people believe their leaders could provide more help regarding living costs but choose not to do so.

Among those surveyed, 71 % in Germany, 70 % in the United Kingdom, 69 % in France and the US, and 64 % in Canada argue that political leaders choose not to do more even though they could.

There is a widespread perception in all five countries that their economies are deteriorating. In France, 82 % of adults, 78 % of respondents in Germany, 77 % of adults in the United Kingdom, and 79 % in Canada say the cost of living in the country has worsened compared to last year.

Most people in the five countries go even further, stating that the cost of living crisis has never been this bad.

As another indicator of the problems leaders face, poll results reveal that many view the livelihood issue as a systemic problem rather than a personal one.

For example, in most of the countries, the majority state that the livelihood problem stems from the high cost of goods.

In the United Kingdom, approximately two-thirds of adults say the country’s economy is worsening; this rate is higher than the 46 % who said their own financial situations worsened last year.

The same trend applies to France, Canada, and Germany, indicating that the public carries widespread concerns about the economy and purchasing power beyond their individual lives.

Voters’ economic concerns are also roiling politics. In 2024, Trump campaigned on economic anxieties without having to manage the economy himself. In recent months, this dynamic has shifted, and voters have started to become dissatisfied with his economic management, highlighting the difficulty of convincing voters of economic progress amidst stubborn cost of living concerns.

This feeling of being left behind was particularly pronounced among Europeans participating in the POLITICO poll. Nearly half of adults in Germany, France, and the United Kingdom said their countries had “generally fallen behind other similar economies.”

More than half of the residents in these countries, excluding the US, believe the livelihood problem will get either “much worse” or “a little worse” in the next five years. In the US, the combined rate for these two options is 44 %. The total rate of those who believe it will get “a little” or “much better” is 31 %.