Close to a quarter of Americans are worse off now than before the 2007 financial crisis, despite a robust economy and near-record unemployment rates, according to a survey conducted by New York-based financial services firm Bankrate.
Nearly 50 million Americans think they are doing worse now than before the great recession, estimates the firm. More than a quarter say they are doing the “same.”
“Americans were and continue to be in a degree of denial of the financial crisis and Great Recession. One of the constant themes that presents itself in the data is that Americans are still digging out in many ways from that experience,” said Mark Hamrick, Bankrate’s senior economic analyst.
Over 54 percent of American adults were negatively impacted by the crisis, while close to 70 percent lost money in the stock market during that period.
“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,” added Hamrick.
Those who haven’t managed to prosper are more likely to be women, suggests Bankrate. According to the survey, a third of women said their financial situation is worse now, while only a fifth of men thought so.