23% Of Americans Are Doing Worse Financially Now Than Before The Recession
Posted: June 27th, 2019, 9:35 pm
Even a decade after the Great Recession, almost a quarter of Americans have said they are worse off than they were before 2007, a new survey published Thursday found.
Bankrate surveyed 2,740 adults across the country. Of those surveyed, 2,315 were older than 18 when the recession started.
Among people who were adults before the recession hit, 33 percent said their financial situation is "about the same" as it was before 2007, while 23 percent said their situation is worse.
The survey shows how, despite low unemployment, many Americans are still recovering from the recession more than a decade later.
“The echoes of the financial crisis and Great Recession remain very present in the financial lives of many Americans, despite the improvement in the broader economy,” Mark Hamrick, Bankrate’s senior economic analyst, said. “While some have managed to prosper in the decade since there are still tens of millions who are struggling to even get back to where they were before the economy took a turn for the worse.”
Another contributor to the uneven recovery is stagnant wage growth, according to the survey. The survey found that 54 percent of adults reported their salaries haven’t gotten back to their pre-recession levels — with 32 percent saying they were about the same and 31 percent saying they were worse.
https://www.foxbusiness.com/economy/gre ... -worse-now
Bankrate surveyed 2,740 adults across the country. Of those surveyed, 2,315 were older than 18 when the recession started.
Among people who were adults before the recession hit, 33 percent said their financial situation is "about the same" as it was before 2007, while 23 percent said their situation is worse.
The survey shows how, despite low unemployment, many Americans are still recovering from the recession more than a decade later.
“The echoes of the financial crisis and Great Recession remain very present in the financial lives of many Americans, despite the improvement in the broader economy,” Mark Hamrick, Bankrate’s senior economic analyst, said. “While some have managed to prosper in the decade since there are still tens of millions who are struggling to even get back to where they were before the economy took a turn for the worse.”
Another contributor to the uneven recovery is stagnant wage growth, according to the survey. The survey found that 54 percent of adults reported their salaries haven’t gotten back to their pre-recession levels — with 32 percent saying they were about the same and 31 percent saying they were worse.
https://www.foxbusiness.com/economy/gre ... -worse-now