Thursday, April 25, 2019

Losing Affluence

A sign of how America has changed over the past generation: More than half of Americans who grew up rich no longer think of themselves as rich. That’s according to a recent poll of more than 4,000 Americans by Business Insider.

The survey asked respondents to identify their upbringing and define their current financial situation. Of those who responded, around 36 percent who said they grew up affluent think they're still affluent today. But nearly 60 percent now consider themselves to be in a lower class — about half said they're middle class or upper middle class, while the other half said they're poor or working class.

Similarly, nearly 60 percent of those with an upper middle class upbringing now identify with a lower class. Half of this group think they're middle class, while the remaining half think they're poor or working class. Around 34 percent of those brought up upper middle class think their station has remained the same - only about 4 percent think they're now affluent.

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