With age comes wisdom and, according to a new Galliup poll, financial well-being.
Americans 75 and older are the most likely to express positivity about their current finances, the amount of money they have, their standard of living, having more than enough money to do what they want and buy what they need. They are also the most likely to say they do not worry that they spent too much the day before.
And then there’s the rest of us. Americans ages 18 to 64 feel less positive about their current finances, Gallup find. Those ages 18-49, however, in some areas have more financial well-being than their baby boomer counterparts. For example, 54 percent feel good about the amount of money they have vs. just half of those between 50-64. Similarly, nearly three-quarters (74 percent) are satisfied with their standard of living vs. 70 percent of boomers.
Older Americans have more financial well-being now, but they are the least likely to believe that their financial situation is improving. Less than one-quarter (23 percent) of those age 75 said that their standard of living is betting better vs. 66 percent of the 18-49-year-old group, who also were most likely to feel better than the eldest senior citizens about their financial situation (62 percent vs. 51 percent).
Recent investor surveys conducted by Millionaire Corner found similar financial well-being mindsets. Sixty percent of those over the age of 60 believe that the U.S. economy is stronger now than it was a year ago vs. 51 percent of those under 40. But looking down the road, 81 percent of those under 40 believe that the U.S. economy will improve after the fall national elections, just slightly more than those over the age of 60 (80 percent), but significantly more than those ages 41-60 (75 percent).
And while a significant percentage of those under 40 (75 percent) believe that the American Dream is harder to obtain than for previous generations, it is still less of a percentage of those .ver 60 (88 percent)
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.