In the wake of the economic crisis, the majority of Americans have lost their confidence in their families' future, a recent survey shows.
In the wake of the economic crisis, the majority of Americans have lost their confidence in their families' future, a recent survey shows.
According to the online survey, which was conducted between March 31 and April 6 by Maritz Inc., a marketing research firm based in Fenton, Mo., 60% of the 2,483 respondents said that they didn't feel confident in their ability to produce a better life for their children. Two-thirds said that they thought that the economy was in poor condition, and 70% said that they thought it would get worse before it got better.
About half said that they thought that the economy would be stronger when the crisis ended but that a meaningful recovery would take at least three years.
“While Americans still believe the financial crisis, inflation and energy prices will hinder the economy over the next three years, they believe the impact of these factors will not be as bad as they did in November of last year,” said Rich Brose, director of research consulting for Maritz's financial services research group.
But the concerns vary by age group, according to Maritz.The main concern of those 63 and older, or 13% of respondents, was a belief that the government hadn't been successful at stimulating the economy and that there may not be a recovery.
According to the survey, many of those 44 to 62, or 43% of respondents, said that they were concerned both that the weak economy would force them to work beyond their expected retirement age and that their finances may not fully recover.
Those 29 to 43, or 29% of respondents, said that their main concern was that ensuring that their family was financially comfortable and that they could provide for their basic needs.
The youngest respondents, those 18 to 28, or 15% of those surveyed, appeared to be much less concerned about the economy. They were most optimistic about the possibility of a recovery.
“As for Generation X and Generation Y, it is not as real to them. They aren't thinking that short-term,” said Richard Feight, managing member of IAM Financial LLC in Grand Rapids, Mich.
