More than a third of consumers have a favorable view of the economy — the highest rate measured following the Great Recession, according to a recent LIMRA survey of Americans.
The study also found for the first time since October 2008, consumers with a negative view of the economy are in the minority.
“Consumer sentiment on the economy tends to be seasonal – it’s not uncommon for us to see a boost at the start of each new year,” said Jennifer Douglas, associate research director, LIMRA Developmental and Strategic Research. “To a greater extent, the strong equity markets, labor market, and low gas prices are likely to have prompted a sense of personal financial well-being, influencing their opinion of the broad economy.”
The quarterly study also tracks consumer confidence in various sectors of the financial services industry. The survey revealed that consumers show increasing confidence in the financial sectors (chart).
“While confidence levels aren’t where they were prior to the Great Recession, the financial services industry is slowly earning back the trust and confidence of the American people,” noted Douglas.
LIMRA conducted an online survey of 1000 adults between Jan. 16-20, 2015. The results are weighted to represent the U.S. adult population.