Washington Beat: Report Finds Lower Middle Class Incomes Than A Decade Ago
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A new study suggests the American middle class is not as well off as it was a decade ago.
It found middle class households earn less money today than they did at the start of the last decade and only slightly more than at the start of the 1990s.
The study shows the typical income of an American family in 2010 was a little more than $49,000 annually, while it was more than $53,000 annually in 2000.
The report defined the middle class as households earning between $34,000 and $94,000 annually, which includes 40 percent of Americans.
The study also found middle-income Americans were less likely to consult a financial planner.
"The truth is families spend more time planning a vacation than their financial future," said John Addison Jr., the co-CEO of financial services firm Primerica.
The survey compiled data from the Federal Reserve's 2010 Survey of Consumer Finances and a July survey of more than 2,000 Americans conducted for the Consumer Federation of America and Primerica.