Nearly one in three (30 per cent) of Americans feel they still have yet to recover or never will recover from the financial crisis that began with the 2007 housing market crash and was followed by the Great Recession, says a new study by COUNTRY Financial Security Index.
Many Americans surveyed felt this way despite the Federal Reserve signaling the American economy is growing.
Lower income Americans
The study found that the perception of financial recovery has not been uniformly felt by all Americans. Though 55 per cent of all Americans say they are better off now than they were before the recession, only 49 per cent of women, 43 per cent of African Americans, and 42 per cent of those making under $50,000 said their financial situation had improved.
In addition, 25 per cent of women, 26 per cent of African Americans, and 37 per cent of those earning under $30,000 said they do not believe they could keep up with their bills if they were out of work for a month.
Need more time
The study said 64 per cent of Americans say they have fully recovered financially from the financial crisis, while 57 per cent say three or more years will be needed to fully recover financially, or they have yet to recover.
When asked which economic factors need to improve in order to feel financially secure, the top response was the job market (34 percent).