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, the survey found.
The survey contacted 2,967 adults from May 11 to May 31, 2010, on cellular and landline telephones.
For instant updates, follow me on Twitter.