NEW YORK — Economic anxiety is spreading beyond lower-income households and increasingly affecting Americans who consider themselves affluent, according to a new survey.
The survey by the Wall Street Journal of 2,000 Americans found that many upper-income and upper-middle-class respondents are expressing concerns about retirement savings, financial security and the future prospects of their children, despite benefiting from a generally strong economy, the Journal reported.
According to the survey, more than 40% of Americans who identify as upper class or upper-middle class said they have not saved enough to retire comfortably, while only about 40% said their financial security has reached the level they expected at this stage of their lives. Nearly 60% reported feeling strained by high gasoline prices.
Growing Pessimism
The survey also found growing pessimism about future generations. About 86% of upper-class and upper-middle-class respondents said they lack confidence that their children will enjoy a better life than they have, up from 64% in a similar 2019 survey, according to the Journal.
In addition, 65% of respondents in the wealthiest economic groups said America’s political and economic systems are “stacked against people like me,” compared with 29% who expressed that view in a 2017 survey.
The findings suggest a broad erosion of economic optimism across income levels, according to the Journal.
“What we’re seeing in this poll is Americans under siege,” Democratic pollster John Anzalone, who helped conduct the survey, told the newspaper.
Why Findings Stand Out
The pessimism among affluent Americans stood out because many have benefited from rising asset values and strong employment conditions. Nearly two-thirds of respondents who described themselves as upper class or upper-middle class reported annual household incomes of at least $150,000, including one-quarter with incomes exceeding $250,000, the Journal reported.
Republican pollster Adam Geller, who also worked on the survey, told the newspaper that financial stress remains significant even among higher-income households.
“They still feel stress,” Geller said. “It’s not the same level that the working-class or middle-class person will exhibit, but it’s very real.”
The Challenges Being Felt
The survey also highlighted challenges facing middle-class Americans, many of whom said they struggle with retirement savings, healthcare costs, housing expenses, grocery bills and debt despite considering themselves financially stable.
Respondents in the Journal survey generally defined middle-class income as ranging from about $65,000 to $135,000 annually per household, according to the Journal. However, only about one in four self-identified middle-class respondents said they earn enough to save beyond emergency expenses, have sufficient retirement savings and have achieved the financial security they expected.
Roughly the same percentage said they carry credit-card debt they cannot fully pay off each month.
Skepticism About Education
The survey also found skepticism about higher education as a path to economic advancement. Among middle-class respondents, one-third said a four-year college degree is worth the cost, while 56% said it is not, according to the Journal.
Despite concerns about the future, many respondents reported experiencing upward mobility compared with their parents. Nearly half of those who identified as middle class said they grew up in a lower economic class, while more than three-quarters of upper-middle-class respondents said the same.
The survey found little variation among income groups when respondents were asked about their personal financial outlook. About 30% across all classes said they expect their finances to improve during the next year, although working-class respondents were more likely than others to anticipate a decline in their financial situation.
