Many Americans Are Doing Worse Financially Now Than They Were During The Recession

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jamesbond
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Many Americans Are Doing Worse Financially Now Than They Were During The Recession

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The Great Recession has officially been over for a decade. For many Americans, there’s little reason to celebrate.

Many people’s finances haven’t recovered from the recession’s blows, according to a new survey by personal finance website Bankrate.com.

“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,” said Mark Hamrick, senior economic analyst at Bankrate.com.

More than half of Americans who were adults amid the Great Recession said they endured some type of negative financial impact, Bankrate found. And half of those people say they’re doing worse now than before the crisis.

Fewer than half (46%) of those who were adults at the time of the recession say they’ve seen their paychecks grow since before it began. More than a third of those who say they, or their partner, lost a job during the recession say their pay has actually dropped from before the recession.

The median family income, after accounting for inflation, was $59,039 in 2016, little different than it was in 2000 ($58,544). During the same time, medical, childcare and college costs have ballooned.

Twenty-seven percent of women say their overall financial situation is worse today than before the recession, compared to 19% of men.

He said the next economic slump, whenever it occurs, could be particularly damaging. “Many Americans are still digging out from the recession,” he said. “Even a modest downturn is going to cause further harm to Americans’ personal finances.”

https://www.cnbc.com/2019/06/14/many-am ... ssion.html
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