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Inflation is cooling and American workers, broadly speaking, have experienced significant wage gains in recent years. But they’ve also been persistently pessimistic about the economy during one of the most remarkable recoveries on record.

One explanation for the disconnect is “cost of living creep”—spending more money on the same goods and services as in prior years (not to be confused with lifestyle creep, which refers to increasing spending as one’s income grows). A full 80% of Americans say they’re experiencing this price creep, according to a new survey by Intuit Credit Karma, which takes a different look at why so many people—despite some rosier economic data—aren’t necessarily happy with the state of their finances.

Despite earning more, Americans are also shelling out more for just about everything—and 80% say their money isn’t going as far as it did just three years ago. Housing is one of the most painful examples: Monthly mortgages are more unaffordable than ever—not just because of high prices but also higher interest rates—while soaring rents continue to outpace wage gains. Last year, home-buying affordability fell to the lowest level since 1985, according to the National Association of Realtors.

It’s no wonder, then, that many Americans say they’re skeptical of reports about a booming economy and are worried about a recession. To that end: 64% of respondents to Credit Karma’s survey said they are tired of hearing about the country’s strong economy while they’re struggling, and 68% don’t believe economic statistics like job numbers accurately depict the actual cost of living.

Rising interests rate are also to blame, with 74% of respondents saying they play a role in the cost of living creep, and 59% saying interest rates are making it impossible to pay down debt (which is also reaching record levels).

As a result of the higher cost of living, 37% of Americans said they can’t save money each month, while 36% said they can’t save specifically for retirement. More than a quarter reported not being able to afford everyday expenses.

“The cost of living creep is very real. I was in a client meeting earlier today, and the clients were complaining about the continued high cost of their grocery bill,” says Gregory Guenther, a New Jersey-based chartered retirement planning counselor. “Though the rate of inflation may have slowed, costs for many regular items are still significantly higher than they were a few years ago.”

Credit Karma’s findings are mirrored in other recent polls. According to the Federal Reserve’s annual financial well-being survey, 72% of respondents said they were “doing at least okay” in 2023. That’s down from 73% in 2022, which was down from 78% in 2021. Higher prices are a top concern, per the survey, with 65% of adults saying that rising costs have worsened their financial situation.

When compared to previous years, inflation’s sting has become even more pronounced. Around 35% of respondents to the Fed’s survey named it as their main financial challenge in 2023. In 2016, the share saying the same was just 8%.

While inflation peaked in 2022 and has been slowly cooling, low-income Americans, in particular, are struggling with the still-elevated prices. Poorer families are less likely to pay all of their monthly bills in full, and they’re more likely to carry a credit card balance than wealthier families. (They also pay higher interest rates on that debt.)

“In some areas, clients are realizing that it is not a creep, but a surge,” says Lavina Nagar, a California-based certified financial planner, noting how the price of one client’s dental cleaning jumped 50%. “Cost of services has gone up significantly, and we do not anticipate these prices coming down even when the inflation cools.”