Forty-three percent of U.S. adults in a new survey say they expect improvement in their personal financial situation this year, and 15% of these expect a significant improvement.
However, 57% of respondents do not look forward to a better financial situation in 2020, including 16% who expect their finances to be worse, according to the survey results, released Thursday by Bankrate.com.
YouGov Plc conducted the survey for Bankrate.com in early December among 2,634 adults.
Younger survey respondents appeared to be much more hopeful about their finances in the coming year, with 56% of millennials and 44% of Gen Xers predicting improvement, but only 31% of baby boomers sharing their optimism.
“The optimism, or lack of pessimism, Americans have regarding the outlook for their finances in 2020 is consistent with ongoing economic expansion and low unemployment,” Bankrate.com’s chief financial analyst Greg McBride said in a statement.
But Bankrate noted that even though the economy looks good at present, a few signs indicate some weakening. It noted that December’s wage gains came in below 3% for the first time since July 2018. In addition, economists polled in December said they expected unemployment to edge up slightly in 2020.
The Year Ahead
Forty-nine percent of survey participants who expected an improved financial situation in 2020 said they were making more money at work, and 42% said they expected to have less debt.