Wednesday, November 14, 2018

How Prepared Is the Middle Class?

Middle-class Americans’ own assessment of financial security suggests they may be too optimistic, according to a new survey from CUNA Mutual Group. It found that many middle-class people  have a disconnect between their aspirations and their resources.

The survey finds that Americans with an annual income of $35,000 to $100,000 tend to feel positive about their prospects for upward mobility. Some 62 percent say they feel somewhat or very confident about their personal financial situation, and nearly half (46 percent) believe it is very unlikely that they will miss a loan payment over the next one to two years.

However, the survey finds that this cautious optimism belies a more troubling financial picture. More than half of the respondents were ill-equipped for a serious financial emergency, with 23 percent saying they have no emergency savings and 30 percent saying they only have one to three months’ worth.

No comments:

Post a Comment