A sobering look at how the recession has changed us
A new survey released Wednesday by the Pew Research Center‘s Social & Demographic Trends Project finds that 30 months after the recession began, Americans have downsizing their expectations about retirement and their children’s future.
* More than half (55%) of all adults in the U.S.labor force say that since the recession began, they have suffered a either a period of unemployment, a cut in pay, a reduction in hours or have become involuntary part-time workers.
* More than six-in-ten Americans say they have cut back on their spending. When asked to predict their spending patterns once the economy does improve, 31% say they plan to spend less than they did before the recession began.
* A third (32%) of adults now say they are not confident that they will have enough income and assets to finance their retirement.
* More than a quarter (26%) of Americans say that when their children become the age they are now, their children will have a worse standard of living than they now have.
You can read the full report here.