50% of the US Says Their Financial Situation is Getting Worse
Please consider U.S. Personal Finances: Future More Concerning Than Present
By 50% to 35%, Americans say their financial situation is getting worse rather than getting better, marking a sharp reversal from last year. Significantly more Americans also thought their finances were getting worse rather than better in April 2008, toward the beginning of the Great Recession.
Currently, 49% of Americans describe their financial situation as either "excellent" or "good." A year ago, 56% rated their finances positively. The decline has been entirely offset by an increase in the percentage saying their situation is "only fair." The 15% of Americans describing their financial situation as "poor" is the same as last year.
Many younger adults appear to have already been adversely affected by recent economic changes, with a 13-point decline among 18- to 29-year-olds in the percentage rating their current finances positively, roughly twice the decline seen among those aged 50 and older. Younger adults also show a disproportionately large decline in their personal financial expectations moving forward.
Stock Market Wealth Effect
Financial outlook is down across the board but sentiment decline is greatest in the millennials.
They have been hit by two major economic forces in 10-12 years.
They also have a boatload of student debt, struggle with home prices that are not affordable, and have not had time to build up savings.