New York’s middle class, particularly among Gen X, is struggling to afford food and a roof over their heads as retirement is becoming an illusion for them. This telephone survey of New Yorkers age 35 to 70, found food costs are having a serious impact on the financial condition of 59% of middle class Gen-Xers and 39% of middle class Boomers, as are housing costs (81% Gen X, 70% Boomer). Nearly half of Boomers and even more Xers say they are just getting by at best.
Countdown: New York’s Vanishing Middle Class also found a “trust gap,” with Gen Xers far less confident than Boomers that they’ll have the means or receive promised benefits to live comfortably in retirement. Despite most Gen Xers and nearly a third of Boomers being concerned that Social Security benefits may not be there for them, few have done all they can to plan and prepare for their retirement.