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Americans feel financially safer – The colorful fool



The economy was strong and more Americans believe that their personal financial situation will remain healthy. More than three-quarters (76%) of adults aged 25-70 said they felt somewhat or very financially secure from New York Life survey data (versus 68% in 2013).

Respondents generally expressed optimistic financial futures. In fact, only 42% said they were under stress when planning their future financial needs, compared to 54% five years ago. In addition, only 38% are "worried that they have enough money to maintain their current lifestyle (compared to 45% in 2013), and 62% of respondents said they would be" ready "if they or their spouse were fired "55% in 2013.

  A group of people sitting down with some coffee in their hands and their entire smartphone Millennials are financially very confident." Image Source: Getty Images. </p>
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<h2>  Millennials believe it </h2>
<p>  Millennials rate themselves more financially responsible than their parents to a greater degree than Generation X or Baby Boomers, and the younger generation believes that in a broader sense this is more responsible than older people, and Millennials have one higher degree of confidence in their financial future. <strong> </strong></p>
<div class=

Millennials

Gen X

Baby Boomer

I am financially responsible al s my parents.

71%

63%

62% 19659015] My generation is financially responsible sible than others.

60%

50%

59%

I am confident in my financial future. 79%

74%

73%

Data source: New York Life.

"Despite all the handiwork and criticism of millennial spending habits, we see that they are very thoughtful about their finances," said Brian Madgett, vice president of New York Life, in a press release. "They have internalized the idea that budgets, debt reduction and savings are important financial goals that need to be pursued in the short term and are now in a place where they can ask themselves how to guarantee a stable future for their families." [19659002] It is noteworthy that only respondents with a minimum income of $ 50,000 per year, who are married and / or have financial dependents, participated in the survey. It is very likely that people who earn less money do not have such a positive outlook.

What does that mean?

These results are encouraging, but they are somewhat skeptical. Confidence can change relatively quickly, depending on how volatile the finances can be. It's good that people on the whole feel better than they did five years ago, and the millennial achievements can lead to greater financial awareness.

Younger Americans have access to instruments and information that was harder to get (or not). It does not exist until five years ago. This allows them to make choices that may not conform to traditional norms.

"Many middle-aged millennials – now in their late 20s and 30s – are delaying or even abandoning milestones of past generations to some of the traditional family and financial circles," said Madgett.

This could mean waiting longer to buy a home or saving for major purchases and / or retirement from a younger age. There is no specific formula, but Millennials were ready to break expectations to achieve longer-term goals. This is not the general view of this generation, but it is an encouraging fact that suggests that younger Americans have learned from their parents' mistakes.


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