1 in 3 Illinoisans still recovering from recession

Country Financial
A new Country Financial survey shows one in 3 Illinoisans are feeling the effects of the Great Recession. (WJBC file photo)

By Eric Stock

BLOOMINGTON – Nearly a decade after the recession, many Americans say they still haven’t rebounded from the recession.

A survey from Country Financial shows 6 in 10 Illinoisans needed at least three years to recover financial and 1 in 3 say they still haven’t recovered.

Country’s Supervisor of Investment Services Erin Klein said the recession forced many to cut back their spending and most have kept that spending discipline.

“It revealed an overwhelming sense of self-reliance for most Illinoisans where 60 percent are saving they feel they have the greatest impact on their financial security,” Klein said.

Klein said added one silver lining, nine in 10 Americans who cut their spending to cope with the Recession have maintained that discipline.

“That’s a nice thing to see where perhaps if we are keeping spending levels the same when we had to cut back,” Klein said. “Hopefully now that people feel they have the biggest impact on their financial security, they can try to start taking those steps.”

More than four in 10 Illinoisans say they don’t believe the U.S. economy has fully recovered.

The survey shows jobs and housing are the top biggest economic concerns for Illinoisans.

Eric Stock can be reached at [email protected].

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