Wealthiest Classes Voice Economic Angst

“America's economic anxiety is rising up the income ladder.

 

A new Wall Street Journal poll finds that even those who consider themselves among the wealthiest classes in America carry high levels of concern about their current finances, the years ahead and the prospects for their children.

 

More than 40% of Americans who call themselves upper class or upper-middle class say they haven't saved enough money to retire comfortably. Only about 40% say their financial security is where they thought it would be at this point in their lives. Nearly 3 in 5 say they are strained by high gasoline prices.

 

Those in the wealthiest classes have lost faith that an economy that has benefited them can lift future generations. Some 86% of people who call themselves upper class or upper-middle class say they lack confidence that life for their kids will be better than theirs has been. That is up from 64% in a 2019 survey and shows a level of pessimism that matches the views of less-fortunate groups.

 

And 65% in the most affluent classes say America's political and economic systems are "stacked against people like me." That is a remarkable statement by the nation's most privileged groups and a substantial rise from 29% who saw a rigged system in 2017.

 

Many surveys have found that economic optimism, long considered a core American trait, has given way to a pervasive unease. The new Journal survey sought a finer understanding of this anxiety by looking at financial pressures through the lens of economic class. It asked 2,000 Americans what economic class they consider themselves to be part of -- upper class, upper-middle class, middle class, working class or lower class -- and then about their economic lives.

 

The overall picture is bleak. "What we're seeing in this poll is Americans under siege," said John Anzalone, a Democratic pollster who helped conduct the survey.

 

While middle- and working-class Americans signaled the most economic strain, the pessimism felt by the upper classes stood out for having worsened, despite the ways the economy has favored them.

 

Nearly two-thirds of people who consider themselves upper class or upper-middle class have $150,000 or more in annual household income, including 25% with incomes above $250,000.

 

"They still feel stress," said Adam Geller, a Republican pollster who worked on the survey, referring to the top income classes. "It's not the same level that the working-class or middle-class person will exhibit, but it's very real."

 

Stresses on middle-class Americans stood out for challenging the traditional view that joining the middle class, as many aspire to do, brings financial security.

 

When respondents were asked what constituted a middle-class income, answers clustered in the range of $65,000 to $135,000 per household. When those who called themselves middle class were asked what made them say so, frequent answers included having a good salary or an average income, owning assets such as a home and being able to afford basic needs.

 

But those same people also said many aspects of a comfortable financial life were out of reach for them. Saving for retirement, the cost of health insurance, paying housing and grocery bills and living debt-free all were areas of stress.

 

In fact, among those who considered themselves middle class, only about 1 in 5 respondents said the middle class was a place of comfort, while about an equal share called it a place of stress. About half said it was both.

 

Among middle-class respondents, only about 1 in 4 said they made enough money to save for anything beyond emergency expenses, had enough to retire comfortably and had achieved the level of financial security they expected at this point in their lives. Roughly the same share said they have credit-card debt they cannot pay off each month.

 

Faith is low that a four-year college degree offers a ladder to financial success. One-third of middle-class respondents said a degree was worth the cost, with 56% saying it wasn't worth it.

 

Many people in the Journal survey said they now belong to a higher economic class than the one they grew up in, a finding that contrasts with the lack of confidence in improved prospects for the next generation.

 

Nearly half of people who consider themselves middle class said they grew up in a lower economic class. Among upper-middle class respondents, more than three-quarters said they grew up in a lower economic class -- a finding that suggests substantial economic mobility. By contrast, self-described working-class Americans were more likely to say their fortunes were better off when they were young.

 

While there is no standard definition of what income corresponds to "middle class," the Census determined that the middle 20% of Americans had household incomes roughly between $65,100 and $105,500 in 2024.

 

Household incomes for the middle 60% of Americans ranged from about $34,500 to $175,700.

 

Pessimism about the economy in recent years has puzzled many economists, who said it appeared out of proportion to traditional metrics, such as hiring and consumer spending, which remained healthy in the post-Covid period. Most recently, stock markets continue to climb to records, and hiring is robust. The American economy has outperformed that of other industrialized nations, including those in Europe.

 

Yet rising gasoline prices have erased more than a year of Americans' wage gains, and anxiety is rising among white-collar workers that artificial intelligence will displace them. Inflation has tamed from the pandemic years but remains stubbornly above the Federal Reserve's target of 2%. And consumers are now showing strain, with the share of credit-card balances delinquent for at least 90 days hitting a 15-year high, according to the Federal Reserve Bank of New York.

 

The poll found that the wealthiest classes enjoy privileges available to fewer people in lower brackets. Holding a current passport, taking an annual vacation and flying by plane to that holiday spot are activities claimed far more often by the two wealthiest classes than by middle- and working-class Americans.

 

Those in the two wealthiest economic classes are more likely to be married, have children and live in two-income households than the nation as a whole. They are more likely to own stocks and own their home.

 

At the same time, the poll found many cases where Americans hold a similar view of the country regardless of class.

 

Across all classes, about one-quarter of respondents said the nation was on the right track, with close to 70% saying it was headed in the wrong direction.

 

The share who say their personal finances will improve in the next year was about 30% across all classes, though working-class respondents stood out for expecting a downturn in their fortunes.

 

The Wall Street Journal poll surveyed 2,000 adults from May 7-18. The margin of error for the full sample is plus or minus 2.2 percentage points.” [1]

 

1. Wealthiest Classes Voice Economic Angst. Zitner, Aaron.  Wall Street Journal, Eastern edition; New York, N.Y.. 20 June 2026: A1.