Study: Consumers Still Recovering from the Recession

Study: Consumers Still Recovering from the Recession

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According a recent Federal Reserve study entitled Report on the Economic Well-Being of U.S. Households in 2013, Americans are still reeling from the Great Recession.

Many Americans are able to pay for the basics, but are still unable to make long-term investments such as saving for  retirement or a home.

About 34% of survey respondents report that they are in the same financial situation five years after the economic downturn. About 30% say they are slightly better off, and about 34% say they are worse off financially.

Key findings:

  • Forty-two percent of survey respondents say they had delayed a major purchase as a result of the recession.
  • American workers are still not getting pay raises; 61% expect their income to remain the same over the next 12 months.
  • One-third of respondents who applied for credit were turned down or given less than what they applied for.
  • Among the survey takers who had savings before the economy turned sour, 57% say that they have spent some or all of their savings.