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July 29, 2010 Thursday
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MetLife Releases Study of the American Dream
According to The 2010 MetLife Study of the American Dream a significant number of Americans believe the U.S. economy and their personal financial situations have bottomed out.In a release dated July 26, the study said 26 percent of Americans believe it will be worse this year than last - a significant decline from 44 percent who said the same in 2009. Forty-one percent believe the U.S. economy will stay the same and 33 percent of Americans believe it will be better this year than last year.Four in ten (41 percent) also believe that their personal financial situation will remain the same this year, citing lack of a personal safety net and concerns over job loss offsetting many Americans' efforts to save more, spend less and work harder. According to the Study, two-thirds (66 percent) believe that the full economic recovery of the U.S. is still three or more years away."For the first time since MetLife polled the Study, Americans perceive their situation to be worse off than that of the U.S. economy in general," said Beth Hirschhorn, senior vice president, Global Brand and Marketing Services, MetLife. "In fact, many Americans report they continue to dig themselves out of a deep financial hole that they have been in since before the economic downturn."According to the Study, Americans are taking significant steps to improve their financial situation. More than half (56 percent) are taking on more responsibility at work, almost two-thirds (64 percent) have started saving more and spending less, and an additional 29 percent plan to cut spending.Nearly half (47 percent) of Americans say they have given money to a family member in the past year so they can pay their bills, and more than one-third (35 percent) have had a family member give them money in the past year.Though many are struggling to make ends meet, needs and expectations continue to increase. More than half (58 percent) of Americans believe that the bar is constantly rising in terms of the basic necessities in life. Three in ten (29 percent) feel more pressure to buy more and better material possessions.Since the first Study in 2006, Americans are more likely to define the dream as financial security (from 59 percent to 65 percent), family and children (from 42 percent to 58 percent), a comfortable retirement (from 31 percent to 36 percent) and marriage (from 21 percent to 29 percent). Not one component of the dream has decreased during this time."Given the financial pressures that most Americans are facing, one might expect us to recalibrate somewhat, but instead, Americans are expecting even more for themselves - all while dealing with mounting stress from their daily lives," said Hirschhorn.Many Americans still find themselves close to financial ruin should they lose their job: 45 percent could not take care of expenses for more than a month, and 65 percent could not do so for more than three months. And, their fears of job loss are high with more than half (55 percent) of Americans concerned about losing their job.In addition, the lack of a personal safety net (a cash cushion, retirement savings and auto, health, home and life insurance) appears to be contributing to the pessimism about some Americans' own personal financial recovery. Two-thirds (69 percent) of Americans do not feel that they currently have an adequate safety net, and 95 percent of those are concerned about it.Considering all these financial pressures, it's no surprise that stress is running high, with 45 percent of Americans saying that concerns about how they are going to make ends meet are keeping them up at night, and 52 percent saying they feel more stress in performing their job requirements."This result, combined with the response that 77 percent of Americans say that they are working toward creating a personal safety net, may be telling us that building a safety net is an important prerequisite for Americans to be firmly on the road to recovery - both emotionally and financially," said Hirschhorn.From April 14 - 21, Strategy First Partners, in conjunction with Penn Schoen Berland, conducted 2,201 online surveys in the United States among the general population as part of The 2010 MetLife Study of the American Dream.MetLife is a provider of insurance, employee benefits and financial services.((Comments on this story may be sent to newsdesk@closeupmedia.com))
July 29, 2010
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