Majority Says They Don’t Feel Richer

A new poll has found that a huge majority of consumers don't feel any richer than they did seven years ago, despite improvements in the U.S. economy.

Destin, FL, April 03, 2013 --( A huge majority of respondents say they don’t feel any richer than they did seven years ago, despite an improving economy, according to a new consumer survey. Almost two out of three polled aren’t feeling any richer at all, a just released Money poll found.

Home prices in the majority of the U.S. are trending higher, but with high unemployment and other issues troubling the economy the large majority of Americans aren’t feeling much better about their economic well-being. The poll asked respondents about a well recognized issue when it comes to consumer sentiment regarding the economy– the Wealth Effect.

Psychologists say the Wealth Effect impacts the way people feel about their own economic circumstances. If people have doubts about the U.S. economy it may be reflected in the way they feel about their own circumstances. When people feel better about the economy, consumers are more likely to make major purchases like homes and large consumer goods like cars, dishwashers, washers and dryers and other large appliances.

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Money Journal
Rick Hanson
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