Survey finds Americans expect turbulent times ahead and are preparing for new type of economic environment; express lessened confidence in government and financial services sector
Oct. 13, 2009 (PR Newswire) --
WASHINGTON, Oct. 13 /PRNewswire-FirstCall/ -- The Allstate Corporation (NYSE: ALL) and National Journal today announced the results of the third Heartland Monitor poll, a groundbreaking series of surveys conducted by FD that gauges how Americans perceive the post-recession economy, and what role they expect government and business to play in preparing them for future economic uncertainty. This installment in the four-part series examined Americans' thoughts on the impact - both today and in the future - of the ongoing recession.
"Americans continue to believe this recession is a game-changer, causing a lasting impact on how the economy looks and works," said Thomas J. Wilson, Allstate chairman, president and chief executive officer. "Americans from all walks of life have changed their economic expectations and express less confidence in a wide range of public and private institutions. These results emphasize the need for the public and private sector to work together to rebuild trust and ensure middle class Americans have the tools they need to create a more secure future.
"Our goal in sponsoring this series of public surveys is to let the voices of middle class Americans be heard," Wilson added.
The latest survey, fielded nearly two years after the onset of the global economic recession and amidst economic data that indicate the U.S. may be emerging from the recession, finds that Americans are pessimistic about the years ahead. Specifically, 62 percent of Americans believe the U.S. economy will experience more dramatic boom-and-bust cycles than in the past, and 57 percent expect the standard of living for people like them to grow more slowly than in recent decades.
Additionally, the Heartland Monitor found that nearly two-thirds of Americans believe that the way the economy looks and works will be fundamentally different from what it was before the recession. Whether this change is cause for optimism or pessimism has the American public evenly split.
Reflecting on their own lives, 85 percent of Americans say the recession has had at least some impact on their personal financial situations, and 80 percent indicate that they expect to reduce spending in order to make ends meet or provide for greater financial security going forward.
According to survey findings, confidence in several major institutions has dropped off from 12 months ago.
