Mass. Residents: Bad Economy Is New Normal
Nearly half of Massachusetts residents say the best days for the national economy are behind us, and the standard of living will be lower for the next generation than it is now, according to a survey by the Siena College Research Institute in New York.
The poll found that a slightly smaller portion of state residents, 46 percent, think the current economic problems are only temporary.
When it comes to their own financial situations, 65 percent of residents said the cost of food is a financial hardship, while 60 percent said the same of gas prices, and 71 percent said home heating is. A bit under half, 41 percent, said they added to their retirement savings this year, while 13 percent raided their retirement money to meet current expenses.
Forty-two percent have less debt now than a year ago, but 40 percent have more. Fifty-one percent said they don't have enough money in a savings account to pay for six months of expenses.
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