Inflation remains the most-cited concern for Americans heading into the second half of 2026, according to a Morgan Stanley AlphaWise survey, though the share of respondents naming it as their top issue has fallen to roughly 60% from more than 80% in 2022. Worries over the political environment and geopolitical conflicts have also retreated sharply from recent peaks. Meanwhile, concern about potential investment losses has climbed to around 25% of respondents, making it one of the fastest-rising worries, and anxiety over salary cuts has increased. The survey highlights stark income divides: inflation weighs most heavily on households earning less than $50,000 annually, who also worry more about paying everyday bills and affording medical care, while higher-income households, especially those earning $150,000 or more, are increasingly focused on geopolitical conflicts and protecting their wealth from investment losses.