Economic Anxiety Higher Among Women, African-Americans

While a majority of Americans (59 percent) think it is likely there will be a recession in the next year, 54 percent of Americans age 25 and older say that their personal financial situation is better today than it was ten years ago, according to the latest Marketplace-Edison Research Poll.

“The numbers here tell an interesting story about how differently Americans are experiencing the current economy,” said Deborah Clark, senior vice president and general manager of Marketplace. “Understanding these diverse experiences is crucial to our mission of increasing the economic intelligence of all Americans and our reporting will dive deeper into individual lives and circumstances represented in the latest poll.”

Since 2015, Marketplace and Edison Research have used responses to the poll to develop the Economic Anxiety Index, a unique measure of the American economy. The number on a scale from 0-100 is calculated from answers to a battery of questions. The Economic Anxiety Index describes just how stressed out people feel about their personal financial situation. The higher the number, the more economic stress someone is feeling.

The Economic Anxiety Index mean score across all demographics for the latest poll is 31, though it varies widely among subgroups. The index is down from 32 since April 2017.

Key Findings

• The Economic Anxiety Index® is down from April 2017 - 32 to 31.
• 62 percent of those who agree that the economy is strong say it’s thanks to the private sector.
• 25-34 year-olds and African-Americans are the most anxious about their personal economic situations. On the job front, hourly workers and gig economy workers are the most anxious.
• 49 percent of whites say income inequality has increased, versus 51 percent of African-Americans and 58 percent of Hispanics.
• A little over half of all Americans think that the economy is strong. For those who think the economy is strong, the anxiety index is 27 - four points lower than the average of all Americans.

Recession

Despite the Anxiety Increase decreasing, nearly six in ten Americans (59 percent) think it is likely there will be a recession in the next year. Recent volatility in the stock market may be one of the reasons Americans are concerned about a recession.

More than half of Hispanics and whites said their financial situation is better today than it was in 2008, while less than half of African-Americans said they are better off today than ten years ago.
Women were more likely to say they’ve still not recovered from the recession - 18 percent vs 10 percent for men.

Respondents age 25-34 were most likely to say recession impacted them more than most Americans.

Sexual Harassment

21 percent of Americans have experienced sexual harassment in the workplace - 27 percent of women and 14 percent of men. 62 percent of respondents affected said it caused them to change their job; 55 percent said it hurt their overall career. When broken down by race, 22 percent of whites, 16 percent of Hispanics, and 15 percent of African-Americans, report sexual harassment.

And when broken down by age, people between 55-64 report the highest rates of sexual harassment at work.

Gig Economy

24 percent of Americans earn money in the gig economy; this group is 61 percent male. 53 percent of gig workers consider income from gigs as a secondary income. 44 percent of those that earn their money from the gig economy say it’s their primary source of income.