Thu, 13 May 2021 | economy demographics
As the U.S. begins to emerge from the pandemic, Americans feel more positive about personal finances, with younger Americans leading that increased optimism, according to the latest BMO Real Financial Progress Index, a quarterly measurement of consumer sentiment about money. The survey saw an increase in the number of consumers who agree they are making real financial progress (50% in April 2021 vs. 46% in January 2021) and half of Americans (51%) believe they are more financially secure now than last year. In particular, Gen Z adults (ages 18-24) and younger millennials (ages 25-34) feel more financially secure now than last year (65% and 68%, respectively).
These findings are from the latest BMO Real Financial Progress Index, conducted by Ipsos. The national survey sampled adults aged 18+ in the U.S. from April 1 to 20, 2021.
Millennials and Gen Z Lead in Financial Confidence, Security and Progress (Millennials and Gen Z Feel More Financially Confident and Secure)
Americans ages 18-34 feel decidedly more upbeat about their financial situations, showing large strides since January.
While both Gen Z and millennials are taking steps to take control of their finances and make real financial progress, millennials are seeing larger increases in sentiment since the beginning of the year:
"After the tumultuous year many have had financially, it's encouraging to see things trending in the right direction. It's an important economic indicator that consumers feel more secure and that they are taking the necessary actions to help them make more financial progress," said Paul Dilda, head of consumer strategy for BMO Harris Bank. "It's all about achieving a balance between indulging today and saving for tomorrow, and it's encouraging to see younger adults – especially in the last few months – setting and maintaining good financial habits that will set them up for success in the future."
Source: BMO Harris Bank