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Generations are united by optimism and strong desire to learn more money management skills in 2015
Americans will ring in the new year feeling optimistic about the economy, their personal financial situation and the future of the economy, according to the second installment of the Wells Fargo & Company (NYSE:WFC) “How America Buys and Borrows” survey.
More than three-quarters of Americans (78 percent) expect the economy to stay the same or improve and 81 percent believe their current personal situation is stable or improving. This optimism is reflected in similar levels across all generations, along with an overall desire to learn more about money management with fewer than half (43 percent) of respondents saying they know enough.
“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.”
When asked about their view on the current state of the economy, 79 percent of Millennials (ages 18 to 32) say it is stable to strong, which is in line with the 75 percent of Generation X (ages 33 to 48) and 70 percent of Boomers (ages 49 to 65) who say the same thing. In addition, when asked about their expectations for the future of the economy, 85 percent of Millennials expect it to stay the same or get better, which is similar to the 80 percent of Generation X and 74 percent of Boomers with the same perception.
When it comes to personal financial situations, 84 percent of Millennial respondents characterize theirs as stable to strong, similar to the 81 percent of Generation X and 78 percent of Boomers who say the same. Looking ahead, 94 percent of Millennials say they expect their personal financial situations to stay the same or get better with 92 percent of Generation X and 86 percent of Boomers feeling the same way.
Optimism also encompassed the topic of homeownership, with 71 percent of respondents saying they envision being homeowners five years from now.
“These levels of optimism are heartening, as is the desire to continue learning the skills needed to make these positive outcomes a reality,” added Korotzer. “More than three-quarters of respondents said they have an appetite to learn even more, which is encouraging because understanding how to manage money is the foundation of financial stability and success.”
The survey also revealed:
Free Tools
Understanding how to responsibly manage finances and credit are important steps to building (or improving) and maintaining a sound financial future. To help its customers succeed financially through life’s various stages, Wells Fargo offers the following complimentary tools:
About the How America Buys and Borrows survey
On behalf of Wells Fargo, Ipsos surveyed more than 3,000 American adults ages 18 to 65 in June 2014 online to understand attitudes and perceptions of current economy and personal financial situations. Weighting on age, gender, education, diverse segments and income was applied to the results to achieve a nationally representative population. The “How America Buys and Borrows” survey was first conducted in 2013 and will be conducted annually.
About Wells Fargo
Wells Fargo & Company (NYSE:WFC) is a nationwide, diversified, community-based financial services company with $1.6 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,700 locations, 12,500 ATMs, and the internet (wellsfargo.com), and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2014 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20141218005208/en/
Wells Fargo & CompanyMedia:Kate Pulley, 917-260-1673catherine.b.pulley-dennison@wellsfargo.comNatalie Brown, 775-689-6123natalie.m.brown@wellsfargo.com
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