Fifty-five percent of adults in the work force say they have suffered from unemployment, a pay cut, a reduction in hours or have become involuntary part-time workers since the recession began 30 months ago, according to a new national survey released Wednesday.
The survey by the Pew Research Center also found that the recession has led to:
– A new frugality in Americans’ spending and borrowing habits;
– A diminished set of expectations about their retirements and their children’s future;
– A concern that it will take several years, at a minimum, for their family finances and home values to recover.
The survey found that 54 percent of Americans say the U.S. economy is still in a recession, while 41 percent say it is beginning to come out of the recession. Just 3 percent say the recession is over.
Not all survey findings are bleak, the Pew Center said in a news release.
Sixty-two percent of Americans believe that their personal finances will improve in the coming year,