TYSONS, Va.–A new consumer survey has found that while three out of four adults feel financially insecure, the majority (59%) is optimistic their financial situation will get better over the next year.
In addition, the survey, commissioned by PenFed Credit Union and conducted by McLaughlin & Associates, found consumers' current household income is not a determining factor in their outlook.
Households with incomes above $60,000 are only a bit more optimistic than those below $60,000 (61% to 58%).
Among the other findings:
- Adults without a college education (16% very secure/84% vulnerable) are more vulnerable than college graduates (31% very secure/69% vulnerable).
- Adults over 44 (19% very secure/81% vulnerable) feel more financially insecure than younger adults (26% very secure/74% vulnerable).
- Younger adults under 44 are much more optimistic than older adults (70% to 50%).
- Financial security is highest among adults who have a personal financial advisor (41% very secure/59% vulnerable).
- Adults who have automatic savings (36% very secure/64% vulnerable) are more financially confident than adults who have a banking app (17% very secure/83% vulnerable) or no banking technology (14% very secure/86% vulnerable).
- Women (18% very secure/82% vulnerable) more so than men (28% very secure/72% vulnerable) feel financially vulnerable.
McLaughlin & Associates conducted the survey from Feb. 15 –21, 2018, on behalf of PenFed Credit Union. The survey was conducted online among a cross section of 1,000 adults age 18 and over, and has an accuracy of +/- 3.1% at a 95% confidence interval.