Third Allstate-National Journal Heartland Monitor Poll Provides Window on Real-World Impact of the Recession on Middle Class Ame
October 13 2009 - 9:00AM
PR Newswire (US)
Survey finds Americans expect turbulent times ahead and are
preparing for new type of economic environment; express lessened
confidence in government and financial services sector WASHINGTON,
Oct. 13 /PRNewswire-FirstCall/ -- The Allstate Corporation
(NYSE:ALL) and National Journal today announced the results of the
third Heartland Monitor poll, a groundbreaking series of surveys
conducted by FD that gauges how Americans perceive the
post-recession economy, and what role they expect government and
business to play in preparing them for future economic uncertainty.
This installment in the four-part series examined Americans'
thoughts on the impact - both today and in the future - of the
ongoing recession. "Americans continue to believe this recession is
a game-changer, causing a lasting impact on how the economy looks
and works," said Thomas J. Wilson, Allstate chairman, president and
chief executive officer. "Americans from all walks of life have
changed their economic expectations and express less confidence in
a wide range of public and private institutions. These results
emphasize the need for the public and private sector to work
together to rebuild trust and ensure middle class Americans have
the tools they need to create a more secure future. "Our goal in
sponsoring this series of public surveys is to let the voices of
middle class Americans be heard," Wilson added. The latest survey,
fielded nearly two years after the onset of the global economic
recession and amidst economic data that indicate the U.S. may be
emerging from the recession, finds that Americans are pessimistic
about the years ahead. Specifically, 62 percent of Americans
believe the U.S. economy will experience more dramatic
boom-and-bust cycles than in the past, and 57 percent expect the
standard of living for people like them to grow more slowly than in
recent decades. Additionally, the Heartland Monitor found that
nearly two-thirds of Americans believe that the way the economy
looks and works will be fundamentally different from what it was
before the recession. Whether this change is cause for optimism or
pessimism has the American public evenly split. Reflecting on their
own lives, 85 percent of Americans say the recession has had at
least some impact on their personal financial situations, and 80
percent indicate that they expect to reduce spending in order to
make ends meet or provide for greater financial security going
forward. According to survey findings, confidence in several major
institutions has dropped off from 12 months ago. The majority of
respondents say that they have less confidence in major
corporations (58%), national banks (56%), investment banks (61%),
and elected officials in Washington (53%). While less than
two-thirds of Americans (31%) trust elected officials in Washington
to improve economic security, they are also strongly in favor of
government measures to implement lasting regulation of the
financial services industry (66%). Further, 57 percent believe that
limiting the types of financial products now offered would be
effective in helping the economy grow and preventing future
downturns. Additionally, 78 percent say they support increases in
disclosure requirements on the risks and benefits of such products.
"The results of the third Heartland Monitor poll underscore the
strains that average Americans are facing from the sustained
recession," said Atlantic Media political director Ronald
Brownstein. "While most Americans continue to express a resilient
confidence in their personal ability to navigate through tough
times, the poll captures a public that is uneasy about the nation's
future, distrustful of large institutions and sharply polarized.
These results capture both the urgency of building a broad
consensus about a path forward that might begin to restore
Americans' faith in their institutions - and the enormous
difficulty of doing so." Notes to Editors Survey Methodology The
third installment of the Allstate-National Journal Heartland
Monitor poll was conducted by FD on September 24-28, 2009. Results
are from a sample of 1,200 American adults. Questions asked of the
full sample had a margin of error of plus or minus 2.8 percent. The
margin of error on other questions varied based on the size of the
subsample. About Allstate The Allstate Corporation (NYSE:ALL) is
the nation's largest publicly held personal lines insurer. Widely
known through the "You're In Good Hands With Allstate®" slogan,
Allstate is reinventing protection and retirement to help more than
17 million households insure what they have today and better
prepare for tomorrow. Consumers access Allstate insurance products
and services through Allstate agencies, independent agencies, and
Allstate exclusive financial representatives in the U.S. and
Canada, as well as via http://www.allstate.com/ and 1-800
Allstate®. About National Journal Group Since 1969, National
Journal Group has provided insight for insiders through nonpartisan
reporting on current political and policy issues as well as tools
professionals need to do their jobs well. National Journal Group
properties include National Journal, CongressDaily,
NationalJournal.com, The Hotline, The Almanac of American Politics
and Global Security Newswire. It partners with WETA to produce
"Washington Week With Gwen Ifill and National Journal." About FD
One of the most highly regarded consultancies in the communications
industry, FD employs more than 750 staff and advises more than
1,000 clients worldwide through its hub offices in London and New
York, as well as its network of wholly owned offices in Bahrain,
Beijing, Bogota, Boston, Brussels, Cape Town, Chicago, Dubai,
Dublin, Frankfurt, Hong Kong, Johannesburg, Los Angeles,
Manchester, Melbourne, Moscow, Panama City, Paris, San Francisco,
Shanghai, Sydney and Washington, DC. With a 20-year history of
advising clients in both the private and public sectors, FD's
services include financial public relations, capital markets
communications, public affairs, crisis and issues management and
corporate, business-to-business and business-to-consumer
communications. FD is also a market leader in M&A advisory
work. FD is structured around specialist sector teams operating on
an international basis, covering consumer industries, financial
services, basic industries, business services, life sciences &
healthcare, media, real estate, technology and telecommunications.
FD is a division of FTI Consulting Inc. (NYSE:FCN), the global
business advisory firm. For more information, please visit
http://www.fd.com/. DATASOURCE: The Allstate Corporation CONTACT:
Margot Olcay, +1-212-850-5611, or David Miller, +1-202-266-7313, ,
both for The Allstate Corporation Web Site:
http://www.allstate.com/
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