July 9, 2010
7/9: More Americans Optimistic About Personal Financial Situation
33% of U.S. residents expect their personal family finances to improve in the next year. This is a slight increase from the 28% who reported the same in Marist’s April 2009 survey.
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And, there has been a decrease in the proportion of Americans who anticipate their family finances will get worse during the next 12 months. 15% think this will be the case while 22% said the same 15 months ago. The proportion of those who believe their financial circumstances will stay about the same is little changed from Marist’s previous survey. A majority — 52% — say they will remain steady while half thought that way in April 2009.
“Even the slightest positive economic news comes as welcome relief,” says Dr. Lee M. Miringoff, Director of The Marist College Institute for Public Opinion. “But, these numbers are still nothing to write home about.”
Younger U.S. residents are more optimistic than their older counterparts. 44% of those under the age of 45 expect their personal finances to improve in the next year while just 25% of those 45 or older say the same.
Table: Your Personal Finances – Better, Worse, or the Same?
Looking to Retirement: Half Believe Standard of Living Will Not Change
50% of working Americans believe, when they retire, they will have enough money to maintain their standard of living. 38% think their lifestyle will be affected, and 12% are unsure.
Men are less concerned about a change in their standard of living than are women. 55% of men think they will have the funds to maintain their standard of living during their retirement years while 45% of women agree.
There is evidence to reassure working Americans that their finances will be sufficient. Three-quarters of retired Americans say, since retiring, they have been able to maintain their standard of living. 25% say they have not.
Table: Retirement Savings
Table: Retirement Savings (Retirees)