UCI

The Financial Crisis: Bankruptcy Attitudes

Seven in 10 residents describe the Orange County government investment fund loss and the bankruptcy and financial crisis that followed as a "big problem" today in Orange County. Another two in 10 see it as a somewhat of a problem, while one in 10 say it is a small or no problem, or are not sure.

The perception of the fund losses as a big problem is more evident among those aged 35 to 54 (78%) than among younger (64%) or older adults (69%). There are no differences across income groups or regions of the county.

Twenty-five percent of residents say that they or someone in their family have already been affected by spending cuts resulting from the county investment fund losses.

An even greater seven in 10 are concerned that they will be affected in the future -- such as financially or in cuts in local services or schools -- by the investment fund losses. Twenty-eight percent say they are very fearful, 41 percent are somewhat fearful, and 30 percent are only slightly or not fearful. One percent are not sure.

Both experience with and fear of the financial crisis' impacts are strongly tied to involvement with the public schools. Residents with children in school are nearly twice as likely as others to report being directly affected by the bankruptcy (37% to 20%). In fact, 42 percent of those who say they have personally experienced impacts of the bankruptcy currently have children in the public schools.

Along similar lines, reports of being affected by the financial crisis are more common among 35- to 54-year-olds (30%) than among younger (22%) or older (19%) adults. Importantly, reports of personal impacts of the financial crisis are found equally among lower- and higher-income households. There are no differences between regions of the county.

Worries about being affected by the county's financial crisis in the future, meanwhile, transcend all demographic divisions. There are no differences by age, income or region.