New York’s middle class is struggling to afford basic necessities as retirement is becoming an illusion for them, with Generation Xers even worse off than Baby Boomers.
That’s according to a new statewide Siena College telephone survey of 806 New Yorkers age 35 to 70, which found the cost of food is having a serious impact on the financial condition of 59% of middle class Gen Xers and 39% of middle class Boomers, as are utility (68% Gen X, 58% Boomer) and housing costs (81% Gen X, 70% Boomer).
Countdown: New York’s Vanishing Middle Class also reveals 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. In fact, 48% of middle-class Gen Xers say they don’t plan to live in New York at all in retirement. And research suggests Millennials face an even more uncertain financial future.