At a time when gas prices are reaching record high averages nationwide, many are feeling the financial squeeze. The latest Rasmussen Reports national telephone survey found that half (51%) of all adults say the rising cost of gasoline has had a big impact on their personal lifestyle. Another 31% say it has had some impact, while just 17% say it has had little to no impact.

Not surprisingly, the higher a person’s income, the lower the impact the high gas prices have had. Among those who make less than $20,000 annually, 71% say gas prices have had a big impact on their lifestyle. While over half of adults who make between $20,000 and $60,000 say the current situation has made a big impact on their lives, 45% of those who make between $60,000 and $75,000 per year said it had a big impact. Just a quarter of adults who make over $75,000 a year reported a large impact on their lifestyle.

Most adults are pessimistic when it comes to fuel prices for the coming months. Seventy-four percent (74%) expect gas prices to increase over the next three months, while just 8% think they will decrease. Another 14% of adults believe prices will stay about the same during that time.

Back in October, 68% thought gas prices would reach $4.00 per gallon by the summer.

The Discover Consumer Spending Monitor reached a new low in March as consumers grew even more concerned about the economy and their personal finances in the face of rising monthly expenses. The Discover Small Business Watch and the Rasmussen Employment Index also fell to new lows during March as economic pessimism increased.

Nearly half of adults (48%) say gas prices will have a major impact on their summer vacation plans, while 30% say they will have a minor impact. A separate survey found over half of adults (55%) have had to cancel or postpone their spring travel plans due to rising gas prices.

Even with the startling increases in gas prices, most adults do not plan on changing their mode of transportation. Over half (57%) say it is unlikely they will purchase a hybrid car as their next vehicle. A third (32%) say it is at least somewhat likely they will choose the more energy efficient vehicles.

Looking ahead ten years from now, 47% of adults believe most new cars sold will be hybrid vehicles, while 31% think most will still run on traditional gasoline.

As gas prices surge, the Rasmussen Consumer Index shows that consumer confidence has fallen to the lowest levels of the past seven years.

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