Consumer Optimism Spikes for 2015 - Other News


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Consumer Optimism Spikes for 2015

Consumer Optimism Spikes for 2015
The content is accurate at the time of publication and is subject to change.

With optimism on the rise when it comes to personal finances and the economy, Americans will be excited to ring in 2015. This renewed sense of optimism also means there are some new resolutions on people’s lists this year including learning more about how to manage their money more effectively.

Wells Fargo & Company released the second installment of the “How America Buys and Borrows” survey just in time for the New Year. While optimism generally varies from generation to generation, that is not the case this year. All the generations concur, with millennials just a tad more hopeful.

Giving the economy a thumbs up

Over three quarters (78%) of respondents believe that the economy will either stay the same or get better in the coming year, while an even more whopping 81% believe that their personal financial situation is stable or improving.

Their hopefulness also translated into wanting to explore the idea of  home ownership, with 71 percent indicating that five years from now they see themselves owning a home.

Credit scores were also on respondents’ minds with three quarters indicating that it’s important for them to have good credit. But only a little more than half (54%) are happy with their credit score, while 37% are worried about theirs.

Increasing financial know how is back in style

Regardless of which generation they fell into, respondents were optimistic, which translated into wanting to know more about money management. More than half said they want to learn more about how to manage their money, and just 43% said they knew enough and didn’t need any extra help.

Yet, the millennials are leading the charge when it comes to broadening their financial knowledge base–even if it’s just slightly–with 38% wanting to learn more compared to 29% of Generation X and 30% of Boomers.

Overall this year the generational divide is much narrower, “Often when we talk about generations, we talk about how different they are,” said Gary Korotzer, executive vice president with Wells Fargo’s Consumer Credit Solutions group.

“What we see in this survey is remarkably similar levels of optimism across the generations, led slightly by Millennials, and a united desire to continue learning how to be better money managers.”

Wells Fargo is offering people who want to learn more about managing credit and finances, some free interactive and video tools on their website to help out, including My Financial Guide, Hands on Banking, Path to Credit, My First Home, and Get College Ready.

The survey of over 3,000 adults between the ages 18 to 65 in the U.S. was conducted in June 2014.

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