Posted on January 14, 2007

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Most Americans Upbeat About Family Finances, Survey Finds

Looking ahead to the new year, most American adults are moderately upbeat about their family's financial prospects, with 57 percent expecting some improvement and another 10 percent anticipating a lot of improvement, a new survey conducted by the D.C.-based Pew Research Center finds.

The findings of Most Americans Moderately Upbeat About Family Finances in 2007 (21 pages, PDF) are in line with the findings of Pew surveys taken throughout the decade, which have found that most Americans expect to see at least some improvements in their financial situation. In this year's survey, about 38 percent of adults in the United States say they are living comfortably, while 28 percent say they have enough money to meet expenses with a little left over for extras. In contrast, 32 percent said they are either just meeting basic living expenses or don't have enough for the basics, while more than half (53 percent) say they don't have enough money to lead the life they want.

The survey also found that adults age fifty or younger are more optimistic than their elders that financial improvements are coming their way; people aged sixty-five and older are the least optimistic. The most common problem respondents face is not having enough money to meet expenses (25 percent), while nearly 38 percent of adults and 32 percent of American workers say they have no retirement plan other than Social Security. The groups least likely to have a retirement plan include adults under the age of thirty, Hispanics and non-Hispanic blacks, and those with annual family incomes under $30,000.

“Most Americans Moderately Upbeat About Family Finances in 2007.” Pew Charitable Trusts Press Release 1/04/07.

Primary Subject: Civil Society
Location(s): Washington, D.C.

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