New Study Shows Extent of American Financial Concerns

: Chris Lee Law Firm

  Filed under: Financial News

financial stressAccording to a poll recently conducted by the Washington Post, the majority of Americans now feel high levels of concern about their ability to meet their mortgage obligations or rent payments. Concerns have skyrocketed since 2008, despite a certain level of overall economic improvement and effort on the part of the federal government to offer aid services.

In total, 53 percent of individuals surveyed said they felt “very concerned” or “somewhat concerned” about the amount of money necessary to make their monthly payments. The highest proportion of worriers was found among lower income Americans and among African-American groups.

Worries Continue Despite Obama Administration Efforts

This poll highlights a significant social problem at the moment; despite significant efforts by the Obama Administration to offer a range of foreclosure programs, and the dedication of billions of dollars to bailing out financial firms, Americans still feel no better about the state of their economy. Such efforts have not even been enough to assuage fears about the cost of basic needs, such as food and shelter.

Another survey conducted by Thomson Reuters/University of Michigan came to a similar conclusion. They found that personal financial expectations are at an all-time low and that opinions regarding federal economic policies are the most negative they have been since before President Obama took office.

In essence, this poll is pointing out a fundamental gap in the way Americans feel and the actual state of the economy. This is a clear reflection on a general feeling that it still feels like a recession despite economists’ pointing to the contrary.

 


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