Home Economy Survey: Conn. worse off

Survey: Conn. worse off

Just over half of Connecticut residents polled by Siena College researchers indicated they are worse off today than four years ago, with heating, gas and grocery costs having a serious impact on their finances.

Of more than 600 residents polled in the first half of October by the Siena Research Institute, 38 percent say they are better off today with 10 percent saying their financial picture is unchanged.

Connecticut residents were split on whether the federal government should repeal the Affordable Care Act now being implemented for January 2014.

About two-thirds of those polled support raising taxes on those making at least $250,000, with Siena not asking survey respondents whether they would support any such hike if it also applied to small business owners who report their company income using individual tax forms.

Asked to consider the financial well-being of others, Connecticut residents said the middle class, low income people in their area and businesses in their community have been hard hit by the last four years, with a majority indicating that all three groups are not better off than they were four years ago.

The percentage of households with a member losing a job this year is down slightly from last year, moving from 20 percent to 17 percent today. About one in four residents have had their hours cut back at work.

Knowing someone that has had their home foreclosed across the state measured 35 percent this year, up from 29 percent a year ago.

Forty percent of those polled said they have enough in savings to take care of six months of household expenses. About two-thirds have a retirement fund like a 401k and two-thirds have life insurance.

The survey was sponsored by First Niagara Bank.

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