Trending...
- Winners Announced for Asia Pacific Business Awards 2024-2025
- Preliminary.online Introduces Short-Term Job-Readiness Courses with Employer-Verified Certifications
- Psychologist-Turned-Hermeticist Releases Modern Guide to the Seven Hermetic Principles
MADISON, Wis., June 16, 2021 /PRNewswire/ -- Despite challenges presented by the COVID-19 pandemic and resulting recession, the middle class is displaying heightened optimism and confidence in their financial security and retirement prospects – even though their savings remain strained, according to new survey data from CUNA Mutual Group.
When asked to grade the middle class's ability to achieve the American Dream, respondents gave a B-minus, higher than March and May of 2020, when the average grade was a C-plus, as well as May 2019, when the average grade was a C. Further, confidence in their personal economic position has risen. Specifically:
Additionally, respondents revealed that although the COVID-19 pandemic had doled out a notable hit, the impact was perhaps not as much as anticipated a year ago:
Importantly, however, even though the middle class is feeling more financially secure, their personal safety nets still tell a different story. Nearly half (45%) have only three months or less of emergency savings, which is in line with May 2020 (47%).
"While it's encouraging to see rising optimism among the middle class, especially after a year of unprecedented loss and financial difficulty, it's apparent that the gap between awareness and preparedness is growing only starker," said Paul Chong, senior vice president, CUNA Mutual Group. "This further underscores that the retirement crisis is still very real and stands to worsen coming out of the pandemic. I It's more important than ever for the financial services industry to focus on how to better address the long-term planning needs of all hardworking Americans."
More on Wisconsin Eagle
Reality bites, or the kids are alright?
Data also showed that Gen X was consistently more skeptical than other generational groups about their own financial prospects – but also on how much the pandemic has set them back – while the opposite phenomenon was reported by Gen Z. Specifically:
Latinx feels positive about the future of the middle class – but faces notable challenges in building financial security
The Latinx middle class – particularly Latinx women – are more optimistic about the middle class's ability to achieve the American Dream, but report less financial confidence and more challenges than other groups as a result of the COVID-19 pandemic. Of note:
"The disparities we're seeing among from the Latinx middle class on key indicators of financial stability is concerning, though unfortunately, not surprising given how widespread economic inequality has been – and continues to be – for communities of color," said Steve Rick, chief economist, CUNA Mutual Group. "Especially given how impacted the Latinx community has been by the COVID-19 pandemic, it is absolutely paramount that steps are taken holistically across our economy to not only bridge the K-shaped recovery that has started to emerge, but to ensure more equitable access to financial security for all in the future."
More on Wisconsin Eagle
Methodology
Based on findings from a general population survey conducted by ENGINE INSIGHTS on April 14-18, 2021, assessing 1,000 U.S. adults ages 18 or older and making an annual income between $35,000 and $99,999 – and an oversampling conducted April 19-22 surveying 800 Black and Hispanic men and women ages 18 or older and making an annual income between $35,000 and $99,999
About CUNA Mutual Group
Built on the principle of "people helping people," CUNA Mutual Group is a financially strong insurance, investment and financial services company that believes a brighter financial future should be accessible to everyone. Through our company culture, community engagement, and products and solutions, we are working to create a more equitable financial system that helps to improve the lives of those we serve and our society. For more information, visit www.cunamutual.com.
CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Corporate Headquarters: 5910 Mineral Point Road, Madison WI 53701.
CORP-3619667.2-0621-0723
SOURCE CUNA Mutual Group
Related Links
www.cunamutual.com
When asked to grade the middle class's ability to achieve the American Dream, respondents gave a B-minus, higher than March and May of 2020, when the average grade was a C-plus, as well as May 2019, when the average grade was a C. Further, confidence in their personal economic position has risen. Specifically:
- 71% report feeling very or somewhat confident, higher than in March and May of 2020 (63%), as well as May 2019 (61%)
- Outlooks on retirement have also gotten more positive – 89% of respondents expect to retire in their lifetime, slightly up from the 87% reported in May 2020
- Those who expected to retire prior to turning 65 rose from 30% in May 2020, to 39% in April 2021
Additionally, respondents revealed that although the COVID-19 pandemic had doled out a notable hit, the impact was perhaps not as much as anticipated a year ago:
- More than half (57%) experienced setbacks as a result of the pandemic, with 35% reporting setbacks to their physical or mental health
- At the same time, 30% of respondents said the pandemic decreased their financial stability, down from 38% in May 2020
- Nearly three quarters (72%) said their job is equally or more stable than a year ago
Importantly, however, even though the middle class is feeling more financially secure, their personal safety nets still tell a different story. Nearly half (45%) have only three months or less of emergency savings, which is in line with May 2020 (47%).
"While it's encouraging to see rising optimism among the middle class, especially after a year of unprecedented loss and financial difficulty, it's apparent that the gap between awareness and preparedness is growing only starker," said Paul Chong, senior vice president, CUNA Mutual Group. "This further underscores that the retirement crisis is still very real and stands to worsen coming out of the pandemic. I It's more important than ever for the financial services industry to focus on how to better address the long-term planning needs of all hardworking Americans."
More on Wisconsin Eagle
- West Dentistry Welcomes New Oral Surgeon to Enhance Patient Care
- The AML Shop Launches New Financial Investigations Unit, Appoints Director to Lead the Initiative
- Raidium révolutionne le diagnostic de la Sclérose en Plaques en partenariat avec l'Hôpital Fondation Adolphe de Rothschild
- New Podcast "Spreading the Good BUZZ" Hosted by Josh and Heidi Case Launches July 7th with Explosive Global Reach and a Mission to Transform Lives
- The Herbal Care, Led by Markel Bababekov, Becomes a Top Dispensary in NYC's Upper East Side
Reality bites, or the kids are alright?
Data also showed that Gen X was consistently more skeptical than other generational groups about their own financial prospects – but also on how much the pandemic has set them back – while the opposite phenomenon was reported by Gen Z. Specifically:
Gen X | Gen Z | Millennials | Baby Boomers | |
% with three months or less in emergency savings | 65% | 35% | 48% | 35% |
% feeling somewhat less or not very confident in their economic position | 44% | 20% | 24% | 26% |
% experiencing setbacks as a result of the COVID-19 pandemic | 59% | 83% | 75% | 38% |
% experiencing physical or mental health setbacks as a result of the pandemic | 38% | 47% | 45% | 25% |
Plurality grade on the middle class's ability to achieve the American Dream | C | B | B | B |
Latinx feels positive about the future of the middle class – but faces notable challenges in building financial security
The Latinx middle class – particularly Latinx women – are more optimistic about the middle class's ability to achieve the American Dream, but report less financial confidence and more challenges than other groups as a result of the COVID-19 pandemic. Of note:
- 62% of Latinx respondents gave an A or B grade, higher than the general population (49%), led by Latinx women, who were the most positive out of all racial and gender demographic groups (65%).
- However, when asked about their personal ability to achieve the American Dream, Latinx women were notably lower compared to Latinx men (66% versus 71%).
- However, Latinx respondents were the most likely to report experiencing setbacks from the pandemic (80% vs. 57% of the general population), with over half (51%) saying they experienced setbacks to their mental or physical health – notably more than the general population (35%).
- Latinx fared the worst out of all racial demographic groups on emergency savings – 50% reported having three months or less, compared to 45% of the general population, led by 53% of Latinx women.
"The disparities we're seeing among from the Latinx middle class on key indicators of financial stability is concerning, though unfortunately, not surprising given how widespread economic inequality has been – and continues to be – for communities of color," said Steve Rick, chief economist, CUNA Mutual Group. "Especially given how impacted the Latinx community has been by the COVID-19 pandemic, it is absolutely paramount that steps are taken holistically across our economy to not only bridge the K-shaped recovery that has started to emerge, but to ensure more equitable access to financial security for all in the future."
More on Wisconsin Eagle
- Digital Watchdog Launches New myDW Cloud Services
- Stan Fitzgerald Appointed Acting Press Secretary for Veterans for America First VFAF Georgia State Chapter
- Drone Light Shows Emerge as the New Standard in Live Event Entertainment
- Lore Link is Here to Help Organize Your Game
- Chappaqua's Annual Townwide Summer Sale – Unbeatable Savings at Your Favorite Local Boutiques!
Methodology
Based on findings from a general population survey conducted by ENGINE INSIGHTS on April 14-18, 2021, assessing 1,000 U.S. adults ages 18 or older and making an annual income between $35,000 and $99,999 – and an oversampling conducted April 19-22 surveying 800 Black and Hispanic men and women ages 18 or older and making an annual income between $35,000 and $99,999
About CUNA Mutual Group
Built on the principle of "people helping people," CUNA Mutual Group is a financially strong insurance, investment and financial services company that believes a brighter financial future should be accessible to everyone. Through our company culture, community engagement, and products and solutions, we are working to create a more equitable financial system that helps to improve the lives of those we serve and our society. For more information, visit www.cunamutual.com.
CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Corporate Headquarters: 5910 Mineral Point Road, Madison WI 53701.
CORP-3619667.2-0621-0723
SOURCE CUNA Mutual Group
Related Links
www.cunamutual.com
Filed Under: Business
0 Comments
Latest on Wisconsin Eagle
- $17.4 Million Total Revenue for First Half of 2025 (up 31.8% YOY) for Global Wet Trades Services Provider with High Value Bitcoin Investments
- $12.8 Million Net Revenue for 2024 for Cloud-Based Crowdsourcing Recruitment and SaaS-Enabled HR Solutions Provider: Baiya International Group Inc
- Hire Virtue Announces Executive Sponsorship Opportunity for Houston Hiring Blitz & Job Fair on August 6, 2025
- Inked & Maxim Model Teisha Mechetti Turns Heads—And Builds Community Impact
- Plan to Launch Silo Technologies' Cybersecurity Pilot Program for Ultimate Nationwide Deployment via Exclusive Partnership: Stock Symbol: BULT
- Robert Michael & Co. Real Estate Team Celebrates Industry Recognition and Showcases Premier Central Florida Listings
- AI-Based Neurotoxin Countermeasure Initiative Launched to Address Emerging National Security Needs: Renovaro, Inc. (N A S D A Q: RENB)
- The Naturist World Just Shifted — NaturismRE Ignites a Global Resurgence
- Colbert Packaging Receives Safe Quality Food (SQF) Certification
- $796,000 in Q2 Revenue Marks Highest Earnings to Date on 3 Trailing Quarters of Profitability in Multi-Billion Homebuilding Sector: Stock Symbol: IVDN
- Cybersecurity is THE Hot Market Sector; Revenues, Earnings & Profit matter; Only 33 Million Shares + a Huge Short Position Equal an Undervalued Stock
- Despite Global Calls for a Ban, US Child Psychiatry Pushes Electroshock for Kids
- Franco Polished Plaster Celebrates 35 Years of Bringing Walls to Life in the UK
- Spartan & Guardians Partner with Guitar Legend Buckethead to Support Global Child Rescue Efforts
- Preliminary.online Introduces Short-Term Job-Readiness Courses with Employer-Verified Certifications
- Psychologist-Turned-Hermeticist Releases Modern Guide to the Seven Hermetic Principles
- Winners Announced for Asia Pacific Business Awards 2024-2025
- Hamvay-Lang and Lampone.hu Join Forces with AIMarketingugynokseg.hu to Elevate Hungarian Lifestyle Brands on the Global Stage
- Google AI Quietly Corrects the Record on Republic of Aquitaine's Legal Sovereignty
- NYC Leadership Strategist Stacie Selise Launches Groundbreaking 4S Framework Series to Redefine Executive Excellence