Americans still are trying to bounce back from the Great Recession.
A decade after the greatest economic downturn since the Great Depression, a new survey found that 47 million Americans feel their financial situation now is worse than it was 10 years ago.
The nationwide Bankrate survey asked nearly 3,000 Americans who were adults at the time of the recession, finding that 23% felt their situation was worse now than when it hit in 2007. More than half (51%) did report that they were financially better than before, according to the survey. On a generational breakdown, a quarter of Baby Boomers said they were worse off.
Thirty-one percent said they felt no bad impact from the economic dive.
“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,” said Bankrate senior economic analyst Mark Hamrick in a statement. “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.”
One factor for why Americans haven’t seen the economic improvement that they were hoping for is because wage growth hasn’t been what was expected. The majority of participants said their wages or salaries haven’t recovered to their pre-Great Recession level. 10 percent said their hourly wage or salary worse much worse than it was in 2007.
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