What is more likely: someone from the lower class moving to middle class, or someone from middle class moving to the lower class? At least in America, only 14% believe a rise is more likely, but 79% a drop is more likely. Those attitudes are tied to the perceived, or experienced, lack of a housing recovery.
One in five (21%) reports having to get an additional job or work more, 17% stopped saving for retirement, 14% accumulated credit card debt, and 12% cut back on healthy nutritious foods. – MacArthur Foundation
Nearly stagnant wage growth, persistent debt, and a lack of mobility are leaving many feeling trapped. Unfortunately, they don’t think the government understands this.
Yet only 14% believe elected officials in Washington or in their localities treat housing affordability as a high priority. – MacArthur Foundation
The result is that many Americans are trying to satisfy themselves with a simple dream of financial stability because they see little reason to expect to get ahead, and ample reason to believe they have to fend for themselves and create their own safety net.
(Click on the chart for the link.)