Majority of Americans Perceive Economy in Recession: Survey

According to a Bankrate survey, 59% of U.S. adults believe the economy is currently in a recession, despite official economic indicators suggesting otherwise.

The perception of a recession spans across income levels. Sixty percent of respondents from households earning under $50,000 and 61% from those making over $100,000 share this view.

This widespread sentiment reflects the economic pressure felt by Americans regardless of income.

Generational Views on Economic Conditions

Gen Xers (ages 43-58) are the most likely to view the U.S. as in a recession at 65%, followed by millennials (ages 27-42) at 60%, baby boomers (ages 59-77) at 58%, and Gen Z (ages 18-26) at 55%. Families with children, especially those under 18, also predominantly share this outlook.

An earlier Bankrate survey noted that 50% of Americans feel their financial situation has worsened since the 2020 presidential election.

The current economic environment, including high inflation and rising interest rates, has adversely affected the finances of 66% of Americans this year.

Changes in Financial Habits

A significant 64% of adults have altered their financial habits due to the current economic climate, with the number increasing to 81% among those who believe the U.S. is in a recession.

“Americans judge the economy’s strength by their own individual experiences living within it, and nationwide numbers often don’t tell the same story as their finances,” says Bankrate analyst Sarah Foster.

This comment highlights the gap between economic data and personal financial realities.

With information from Fox News.

Leave a Reply

Your email address will not be published. Required fields are marked *