Most middle-income U.S. adults believe they can become financially prosperous in the next 10 years despite recent concerns about inflation and a possible recession, according to a new survey by Santander Bank. More than four in five respondents (83%) said achieving financial prosperity was important to them. Roughly the same amount (79%) they could reach that goal in 10 years, with Gen Z respondents the most likely to say it was an achievable goal.
At the same time, the survey found that many middle-income households struggle with monthly expenses. Twenty-eight percent of respondents said they were financially insecure, compared to 18% before the pandemic. Thirty percent said achieving financial prosperity was not realistic based on where they are today, while 31% said they were on the wrong track. More than two in three respondents (69%) said a recession could affect their path to prosperity, with similar percentages saying they had made cuts to savings or cut back household spending because of inflation.