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.
By Age
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.
Mish
So we are in the middle of a global pandemic and entering a global depression and some of the people are beginning to realize they may have a problem… they must be geniuses….
Mine is getting worse for sure with ZIRP. I feel cornered. I am unwilling to play the TINA/fed put so I have been been falling behind for 10+ years now.
This poll will make Nancy and Chuck very happy.
How do you reach that conclusion? People happy with their situation is a win for the incumbent.
“Currently, 49% of Americans describe their financial situation as either “excellent” or “good.” Sorry, I’m calling BS on this. 40% of people didn’t have $400 in the bank to pay for a car repair. Hardly anybody has enough put away for retirement. Middle class incomes have gone nowhere for a decade or more.
I have no idea how they framed the questions to get these answers. Maybe, “How if your financial situation compared to a Syrian refugee?”
Good for most people means able to make their payments. They don’t know any better.
99% of people finance their lifestyle.
“Saving a life just got much more important than savoring a lifestyle.”
― Amit Kalantri, Wealth of Words
So 50% are worse and 50% are not?…wow
Everybody’s situation “as a whole” is getting worse. Doesn’t matter if your income is staying the same (so far), it’s all connected so when most everyone else is getting poorer, your standard of living will suffer too.
Except for some of the super-leeches at the top, they’ll make out well.
Traditionally during times of economic strife, the lives of those at the top and bottom do not change.
The rich stay rich relative to everyone else and the poor were already poor so they don’t feel much. Those in the middle are the ones who got squeezed.
However, being “poor” today isn’t really much like it used to be. Today – in the US anyway – they have housing, cars (or access to subsidized public transportation), televisions, cell phones, computers, internet access, and loads of cheap entertainment, alcohol, drugs, and fast food.
If we can’t keep things under control, this one could sting a bit.
“[Millenials] also have a boatload of student debt, struggle with home prices that are not affordable, and have not had time to build up savings. “
Before the virus hit hard, Tucker Carlson suggested that whoever believably promises 30-years-olds that they can get married and have children again would win the election.
Obviously now, that won’t happen. (It ought to have been obvious before the virus.). So the questions now are, who gets blamed in November or who can change things for the better? Trump will get some blame but Biden cannot make things better.
This is remarkable. 35% think their situation is actually getting better, and only half think it is getting worse. Amazing.
Well, basically some people are getting a better deal through unemployment, so not surprised whatsoever.
Amazing? Perhaps…
However, I suppose if you’re no longer having to work but are still having the same amount of money (or more) deposited in your account every week, you might think your situation was better…
Not saying that is what’s happening just pointing out the reality.
I know if my finances are better or worse, it’s merely a fact.
Why would it be any different with the 35% ?
Many are not facing reality. They are stuck in their homes watching pre-recorded shows which show life is grand. How many have driven around downtown areas which are normally packed but now dead? How many actually learn about current events as opposed to sucking up the drivel fed to them by the so called MSM? People are in a state of delusion further enhanced by alcohol and the boob tube.
My situation improved a lot. Got a 20k raise april 1, an am working remotely from a cabin in the woods. I’m also going to be able to buy a house in the next couple years because of the price crash. Unless there’s an apocalypse, this has been a huge boon for me.
I also enjoy my working from home, well mostly… I also hope to get out of the s***hole city to a cabin in the woods, where wildlife is the only visitor.
We have been lucky. My wife works from home now. I’ve been paid to stay home until things open up again (I travel in the meetings biz), my 23yo and 20yo are doing online classes and chilling. I’d dig time in a cabin but sunny SoCal doesn’t suck either. Put me in the “good” category … for now.
At the rate things are going I wouldn’t be surprised if the Federal Reserve Bank didn’t step in with some kinda one off stimulus.
I am sure it won’t be permanent though.
Me 2008.