While the “Great Recession” is over for most Americans, most women, African Americans and below-average earners are still struggling to recover.
In a recent survey released by Bloomington, Ill.-based COUNTRY Financial, 55 percent of respondents said that they were better off now than they were before the recession, but 30 percent said they have yet to financially recover.
Certain groups reported that they did not fully participate in the economic recovery of the last eight years. Only 49 percent of women, 43 percent of African Americans and 42 percent of those making under $50,000 annually say they are better off now than they were before the recession.
The same demographic segments in COUNTRY’s survey reported above-average levels of financial insecurity: While just under 20 percent of overall respondents would not be able to keep up with their bills over a month-long gap in employment, one-in-four women and African Americas and nearly two-fifths of those making under $30,000 a year said that they would not be able to keep up with their bills if they suffered a similar loss of income.
While just seven percent of the overall respondents were not confident that, moving forward, they would be able to pay their debts as the come due, that proportion doubled among women, 15 percent of whom were not confident that they could pay their debts, and was even higher for African Americans, 19 percent of whom lacked confidence.
Even among privileged demographics, the recovery from the 2008-09 financial crisis and subsequent recession has been slow.