As Americans head out to vote today, a new LIMRA consumer survey shows that consumers are more optimistic about the future than they were last year. Two thirds feel the economy will be about the same or better in 2015. Last year at this time when looking ahead to 2014, just over half (55 percent) expressed optimism about the coming year.
Though more than half of consumers still have an unfavorable view of the economy, positive sentiments are growing. Consumers expressing a favorable opinion of the economy have grown 33 percent from the beginning of the year (21% to 28%). Inside these numbers, men are more positive, with one in three men having a favorable view of the economy. Only 20 percent of women share that sentiment.
On a personal level, one third of consumers said they feel their own financial situation will be better in 2015 than it is today. That’s up from only 25 percent who said 2014 would be a better year. Gen Y consumers are the most positive about their financial situation with 51 percent predicting 2015 will be a better year, while 32 percent of Gen X consumers and 29 percent of Boomers were optimistic about next year.
In addition, consumers are more confident in life insurance companies. Three-quarters of consumers expressed at least some confidence in life insurers, six percentage points higher than at the beginning of 2014.
LIMRA’s Consumer Sentiment Tracking: October 2014 Update is compiled based on a nationally representative survey of 916 Americans who play a role in the household financial decision making.