More middle-class families say the 'American dream' is out of reach: Study
Parents in particular were more concerned the U.S. could enter a recession in the coming year than those without children, CUNA Mutual found.
They were also the ones more willing to do something drastic to maintain their financial stability in the event of an economic downturn, according to the report. In fact, they were nearly twice as likely as those without children to reduce their retirement savings contributions to free up cash. "This should be a wake-up call to families to start shoring up their finances now, whether that takes the form of cutting spending, reassessing their savings to avoid having to cut into their retirement to stay afloat or even refinancing a mortgage if that'll put them in a better position," Rick said.CUNA Mutual Group’s chief economistof 3.7% is near a 50-year low, a slowdown is widely expected among economy watchers.
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