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November 15, 2011 at 08:26 AM
Nine in 10 Americans believe that a recession is looming. And in one in four Americans are living from pay to paycheck, according to a new survey
Country Financial, Bloomington, Ill., published this finding in a summary of results from a new survey on recession preparedness. The report is based on a national telephone survey of 3,000 Americans and is compiled by Rasmussen Reports, LLC, an independent research firm.
Nearly nine-in-ten (87%) of the survey respondents say that a double-dip recession is likely in the next two years. Yet, only half (51%) are prepared to handle it financially.
A quarter of the adults polled have no savings to rely on. For those with savings, 55% used that safety net during the recession. And 62% say it will take at least a year to rebuild their reserves, the survey says.
One-third (32%) of respondents say that rising food and gas prices threaten their savings plans. Americans of all ages cited this as their biggest savings obstacle. Another 18% point to job loss or a pay cut as a key barrier.
