MILWAUKEE, WI — Seven in 10 adults older than 18 consider themselves part of the middle class, according to new findings from Northwestern Mutual's 2017 Planning & Progress Study.

The report, released this week, compares to analysis of government data by the Pew Research Center showing that the number of middle-income households in the United States has been dropping for four decades and made up only 50 percent of the U.S. adult population in 2015, down from 61 percent in 1971.

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The key to that discrepancy may lie in the way Americans perceive what it means to be part of the middle class. According to the Northwestern Mutual study:

84 percent of American adults say that one defining element of the middle class is based on income or assets. More than half of those who identified as middle class in the study have household incomes ranging from $50,000 to $125,000 annually.

70 percent of Americans say that lifestyle and perspective are also defining elements of the middle class.





The research released today is part of Northwestern Mutual's 2017 Planning & Progress Study, an annual research project exploring Americans' attitudes and behaviors toward finances and planning.



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Optimism and Financial Responsibility:

According to the Northwestern Mutual study, the middle class in America stands out from the general population in a few key areas. Most notably, they have greater near- and long-term economic optimism and strong financial habits. The 2017 Planning & Progress Study found that people who identify with being part of the middle class are:

More likely to believe in the attainability of the American Dream (55 percent vs. 48 percent of the general population)

More optimistic about the U.S. economy this year than in 2016 (47 percent vs. 43 percent of the general population)

More likely to have a clear and accurate view of their financial picture (71 percent vs. 64 percent of the general population)

More likely to work with an adviser (43 percent vs. 35 percent of the general population)

More likely to have a retirement plan that has been created to withstand market cycles (51 percent vs. 43 percent of the general population); and

More likely to feel very financially secure (58 percent vs. 47 percent of the general population)

Image via MN AFL-CIO Protect the Middle Class via flickr

