By Melody Hahm | Yahoo Finance |
68% of Americans classify as middle class, down from 70% in 2017, according to a new Northwestern Mutual study conducted by Harris Poll that explores the state of America’s middle class.
Of the 2,003 American adults surveyed, 32% of respondents said they can see a time when the middle class disappears completely. 24% feel uncertain about its future. Though 60% believe mobility out of the middle class is possible, more foresee movement into the lower-income bracket, not the upper echelon.
“The middle class is a cornerstone of our nation’s culture and identity,” said Emily Holbrook, director of planning at Northwestern Mutual. “Clearly people are losing optimism in its longevity.”
The reality is that 52% of American adults actually live in middle-income households. Twenty-nine percent are lower-income and 19% are upper-income households, according to new Pew Research Center analysis of government data.
Most of Northwestern Mutual’s survey respondents define middle class as an income bracket. 88% said having a certain level of assets . A little over half of the respondents (52%) said $50,000-$99,999 would qualify one as middle class.
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