More people say their standard of living is worse — not better — than their parents’, a new poll found.
The new CBS News poll found that 46 percent of Americans say their standard of living is worse than their parents’, while 33 percent said theirs is better and 21 percent said it’s about the same. Millennials and members of Generation X were most likely to say their standard of living is worse than their parents’, according to the poll.
Fifty-one percent of those ages 30 to 64, 40 percent of those 65 and older and 39 percent of those 18 to 29 said their standard of living is worse than their parents, the poll found. When asked what the most difficult economic time in the United States was, 39 percent of all respondents said the COVID-19 shutdowns were the worst.
Twenty-two percent said that the current economic situation following the pandemic is the most difficult economic time, 17 percent said the 2008 financial crisis was and 8 percent said inflation and gas shortages in the 1970s was.
Overall, the poll found that Americans are more likely to be pessimistic about the economy despite many indicators showing the economy is trending upward. When asked if their income was keeping up with inflation, just 24 percent said it was while 76 percent said it was not.
Sixty-two percent of respondents said the economy was in a “bad” state with just 34 percent saying it was “good.” Twenty-seven percent also said that inflation was the most important issue facing the United States.
The poll was conducted among 2,144 adults interviewed Dec. 6-8 and has a margin of error of 2.8 percentage points.
