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8/26/15

AEI Public Opinion Study: Economic insecurity

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The recent decline in China’s economy and its ripple effects in global markets have reignited conversations—and concerns—about the strength of the U.S. economy. The American people share this anxiety, which stems largely from the 2008 financial crisis. We began this public opinion study to understand the public’s reaction to the 2008 crash, and we have updated it several times since then. The polls in this study show that while people’s opinions of their financial situations and the economy in general have improved over the past few years, their insecurity about the economy remains palpable.

  • Job anxiety: The substantial anxieties Americans felt about employment after the 2008 crash appear to have eased somewhat. In April 2015, 13 percent told Gallup pollsters it was very or fairly likely they would lose their job or be laid off in the next year. In 2010, 21 percent gave that response. In Gallup’s August 2014 poll, 19 percent said they were worried about being laid off (down from 31 percent in 2009). Thirty-four percent said they were worried about their benefits being reduced (down from 46 percent in 2009).
  • Personal financial worries: In Pew’s four-part question that asks people to rate their personal financial situations, most say they are doing “good” (35 percent in the latest asking from May 2015) or “only fair” (37 percent). Fewer tell pollsters their situation is “excellent” (8 percent) or “poor” (19 percent). It is clear, however, from many polls in this report that around two-in-ten are seriously struggling to make ends meet.
  • Retirement anxiety: Anxiety about prospects for retirement has risen in the past few years. In 2002, when Gallup asked non-retired people whether they would have enough money in retirement to live comfortably, 59 percent said they would. In April 2015, that response was 48 percent.
  • Health cost anxiety: A recent Kaiser Family Foundation poll indicates that Americans are worried about health care costs but that these concerns have eased slightly in recent years. Thirty-five percent said they were very confident they would have enough money or health insurance to pay for usual medical costs, up from a low of 28 percent in 2011. In a separate question, a strong majority (79 percent) said they had had no problems paying for health care costs over the past 12 months, not including health insurance premiums.
  • Housing anxiety: In an April 2015 Gallup poll, 32 percent were very or moderately worried about not being able to pay their rent, mortgage, or other housing costs, down slightly from a high of 39 percent in April 2012.



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