Americans still suffering from financial stress

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SHAFAQNA – A clear majority of Americans say they experienced a financial shock last year and feel unprepared for a financial emergency six years after the Great Recession, according to a new poll. The poll released Thursday by the Pew Charitable Trust found that 82 percent of US households reported suffering a financial shock such as a hospital visit, the loss of a spouse or major car or house repairs in 2014.

Overall, 56 percent of US families said they worried about their finances during the previous year and 57 percent did not consider themselves ready for a sudden financial setback, the survey showed.

“Despite a steady economic recovery, many Americans continue to feel vulnerable,” said Erin Currier, director of Pew’s financial security and mobility project.

Only half of US households surveyed said they were financially secure. Even among those with annual incomes of $100,000 or more, 22 percent felt insecure and 10 percent had no savings.

Financial worries were the leading cause of stress for Americans in 2014, despite the ongoing economic recovery, a recent survey by The American Psychological Association indicated.

Furthermore, the official estimate of growth in the fourth quarter was revised to 2.2 percent from the initial estimate of 2.6 percent. Wall Street stocks fell slightly in opening trade Friday after the revision.

According to a report released Tuesday by the Conference Board, Americans’ assessments of the US economy and job market deteriorated in February amid stagnant wages and weak business investment.

An analysis earlier this month by The Associated Press also found that millions of American job seekers still could not find work even as hiring has strengthened because many US businesses are slow to fill their vacancies.

Source : Press TV

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