Middle-income Americans were overwhelmed by the financial crisis and recession that began in 2007. Their incomes decreased, their home values fell, and they lost their wealth. Even now as unemployment is low and the stock market booms, middle-income Boomers say they haven’t felt the benefits of a recovery.
Despite their uncertainty in a recovery, almost all middle-income Boomers still believe they will retire someday. What makes them so optimistic even though they claim they have not benefited from the economic recovery? This report examines how Boomers are faring 10 years after the financial crisis, and how it affected their confidence, behaviors and retirement expectations.
While half (51%) of middle-income Boomers feel the economy has recovered somewhat from the financial crisis, only 2% feel the economy has fully recovered, and nearly half (47%) do not believe the economy has recovered at all.
Two-thirds (65%) of all middle-income Boomers do not feel they have personally benefited from any economic recovery.
Only about one-third (31%) of middle-income Boomers feel well prepared or very well prepared for retirement, down from four in 10 (41%) before the financial crisis.
Two-thirds (68%) of middle-income Boomers are worried about another financial crisis in their lifetime.