April 7, 2011
4/7: Low Expectations for NYC Economy … Brighter Outlook for Personal Finances
New York City residents still don’t think the city has turned the economic corner. A plurality of residents — 44% — view the Big Apple’s economy as about the same as it has been while 36% believe it is getting worse. Only one in five residents — 20% — think the New York City economy is getting better.
When NY1-Marist last reported this question in early February, 43% viewed the city’s economy as status quo. 34% thought it was declining, and 23% perceived it to be on an upswing.
“New Yorkers aren’t seeing signs of the city’s economic recovery,” says Dr. Lee M. Miringoff, Director of the Marist College Institute for Public Opinion. “In fact, a greater number thinks things here are getting worse, not better, on the economic front. It’s a different picture when it comes to their personal finances.”
While just 20% of residents say the city’s economy is improving, 44% of city dwellers believe their personal family finances will get better in the next year. Another 44% say their financial picture will remain the same, and just 12% think it will get worse.
In NY1-Marist’s previous survey, 43% thought their family finances were improving, 44% said they were about the same, and 13% reported their personal economic situation was getting worse.
People under 45 years of age are more optimistic about their finances in the coming year than city residents who are older. 57% of younger adults see a brighter economic picture in the coming months compared with only 32% of their older counterparts. The majority of New Yorkers who are 45 or older — 52% — thinks their finances are likely to remain unchanged this year.