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"feeling the squeeze" is correct and usable in written English.
It can be used to describe a situation when someone is under financial or emotional pressure. For example, "With the rising prices of living expenses, many families are feeling the squeeze".
Exact(60)
Nor is technology the only industry feeling the squeeze.
The news departments are not alone in feeling the squeeze.
British families are feeling the squeeze as never before.
It was quickly joined by other councils feeling the squeeze.
One couple feeling the squeeze are Emma and Darren Trappett.
Anecdotal evidence suggests that rural burial areas are also feeling the squeeze.
Wall Street employees are feeling the squeeze this bonus season, which is going on right now.
Some renters feeling the squeeze have resigned themselves to paying more for less.
Callen-Lorde, an LGBT health clinic in Manhattan's Chelsea neighborhood, is also feeling the squeeze.
Americans are feeling the squeeze, which is particularly apparent in the cost of housing.
When pressed, some arts directors acknowledge feeling the squeeze of summer competition for audiences and artists.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com