In spite of a widespread perception that the middle class is shrinking, the percentage of Americans across generations who say they identify as middle class has remained reasonably steady since 2012, according to a recent Gallup poll.
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In 2024, 54% of Americans said they identify as either middle class or upper-middle class. This figure rose by 2% since 2022. Of all the generations, more baby boomers consider themselves middle class or upper-middle class than any other cohort.
The Gallup poll divides demographics as ages 18 to 34, which encompasses adult Gen Z and younger millennials, ages 35 to 54, which describes older millennials and most of Gen X, and ages 55 and up, which encompasses some members of Gen X, but mostly boomers.
Of those polled, 48% said they consider themselves middle class and 13% categorized themselves as upper-middle class. Meanwhile, 3% of boomers, the largest percentage from any generation, said they consider themselves upper class.
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Boomers Have More Confidence in Class Status
Boomers have fewer people who consider themselves in the lower end of the income spectrum. Only 24% consider themselves working class, while a mere 12% say they are “lower class.” Meanwhile, 36-38% of Gen Zers, millennials and Gen Xers consider themselves “working class,” which is one tier below middle class. Thirteen percent of Gen Z and younger millennials consider themselves lower class. However, the Xennials and Gen X cohorts have the fewest members who consider themselves lower class, with only 9% giving themselves that designation.
These class designations may not have as much to do with income as you might think. Across generations, 28% who said they consider themselves middle class earn less than $40,000 per year. Meanwhile, 43% of those who call themselves working class earn between $40,000 and $99,000.
Many factors go into determining a person’s perception of their class, including where they live, how much money they make, and their level of education. This accounts for the discrepancies in these self-reported classifications. In spite of inflation in recent years, the number of Americans who identify as middle class has risen slightly since 2022 and remains the majority.
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This article originally appeared on GOBankingRates.com: Here’s How Many Boomers Identify As Upper, Middle and Working Class In 2024
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