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Americans Are Feeling More Financially Secure – The Motley Fool



The economy has been strong, and more Americans have the belief that their personal financial situations will remain healthy. Over three-quarters (76%) of adults ages 25-70 reported a feeling of somewhat or very financially secure, up from 68% in 2013, according to survey data from New York Life

Survey respondents generally had an optimistic outlook on their financial futures. In fact, only 42% said "they experience stress on their future financial needs," down from 54% five years ago. In addition, only 38% of those surveyed said they would "be prepared if they or their husband were laid off", up from 55% in 2013.

 Millennials think they're doing well </h2>
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Millennials are very financially confident. Millennials rate themselves as more financially responsible than their parents at a higher rate than Generation X or baby boomers. The younger generation also believes that it is more responsible than older people in a broad sense, and millennials have a higher level of confidence in their financial futures

63%

63%

62%

Millennials

Millennials

19659015] My generation is more financially responsible

60%

50%

59%

79%

: New York Life

"Despite all the money-wringing and criticism of the millennials' money habits, we are seeing that they are quite thoughtful about their finances," said New York Life Vice President Brian Madgett in a press release. "They've internalized the idea that budgets, debt reduction, and savings are all important financial goals to pursue in the near term and they're now in a place to start asking about how they can guarantee a stable future for their families. "

It's worth noting that the survey only involved respondents with a income of at least $ 50,000 a year who are married and / or have financial dependents. It's very possible that people who make less money would not have a positive outlook.

These results are encouraging, but view them a little skeptically. Confidence can change pretty quickly based on how volatile finances can be. (19659002) Younger Americans have access to tools and information that have been harder to come by (or didn 't do it) t exist) just five years ago.

"Many of the mid-life millennials – those now in their late 20s and 30s – are delaying or even foregoing some of the traditional family and financial milestones of generations past, "Madgett said.

That might mean waiting longer to buy a house, or starting to save for major purchases and / or retirement from a younger age. There is no one specific formula, but millennials have been willing to break from expectations in order to achieve longer-term goals. That does not match the common perception of that generation, but it is an encouraging reality that suggests that younger Americans have learned from their parents 'mistakes


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