A recent analysis from CBS News confirms what many people already think: the current economic landscape offers fewer opportunities for the middle class, while the wealthy continue to maintain their advantage.
The findings are the result of a CBS News/YouGov survey of more than 2,400 American adults.
According to the pollrespondents say raising a family, finding a good job and buying a house are all more difficult these days. Here’s a closer look at the results.
Homeownership, job security, and the wealth gap
The vast majority, 83%, of respondents say buying a home is more difficult today than it was for previous generations.
The poll found that 52% of Americans with part-time or full-time jobs feel somewhat secure in their jobs, and only 28% feel very secure, compared to 33% last fall.
And the majority expect it will be difficult to find the role they want. That’s only partly due to concerns about artificial intelligence (AI). Of those who think AI will disrupt the workforce, just over 60% believe it will reduce the availability of jobs.
To make matters worse, most respondents (71%) believe the income gap between America’s wealthiest and middle classes is widening. They also see that opportunities are increasing for the wealthy, while shrinking for the middle class.
What middle class Americans can do
For those looking to purchase a home, look for both federal and state programs that offer assistance. Make sure you get pre-approved for a mortgage before you start shopping so you have an idea of the size of the loan you’ll actually get. And consider expanding your geographic search if remote work is an option.
In the workplace, try to hone your skills that complement rather than compete with AI: critical thinking, complex problem solving, leadership, and anything that requires real human judgment or relationship building. If your current role could theoretically be automated, consider what would make you harder to replace or more valuable in your industry.
Networking is also more important than ever when the labor market becomes tighter. Stay in touch with former colleagues.
For wealth building, the stock market remains one of the great equalizers. The poll points to this. People whose finances are more connected to the market report better overall finances. You can even start with small automatic investments in, for example, low-cost index funds.
The key is to start and stay consistent.
Protect the base first
The poll shows a clear divide in the way Americans approach their spending. Those at lower income levels report cutting back and struggling. Higher income earners, meanwhile, say they will maintain their current spending pace.
If you’re feeling the pressure, focus on protecting yourself from financial shock before worrying about building wealth. Learn about utility, food and healthcare assistance programs in your area. Many programs go unused simply because people don’t know they qualify.
The challenges are real for middle-class Americans trying to get ahead. But the poll also shows that views on rising prices are not as widespread as they were last fall, suggesting that inflation is starting to stabilize among some of the public.
Along the way, build skills, maintain financial flexibility, and stay informed about available programs.
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