Americans are feeling more optimistic about the current and future state of the U.S. economy, according to a survey released Tuesday by Limra, a financial and insurance industry research organization.
However, the vast majority of respondents to the survey, Consumer Sentiment Tracking: October 2014 Update, still have a negative opinion of the current economy.
The number of people with positive opinions about the current state of the economy increased since the beginning of the year from 21 percent to 28 percent. Half still have an unfavorable opinion of the economy and the remainder are neutral. Among men, one third have a favorable opinion, but among women only 20 percent agree with that sentiment.
When asked to predict the state of the economy for 2015, two thirds say the economy will be about the same or better in 2015. Last year at this time, when looking ahead to 2014, 55 percent were optimistic about 2014, Limra says.
People also are expressing a little more optimism about their personal financial situations. One third now feel their personal financial situation will be better next year. Asked the same question a year ago, one quarter said they expected 2014 to be better.
The younger the respondents, the more optimistic they feel about their personal financial situation for the coming year. For Gen Yers, those born between about 1980 and 2000, 51 percent predict 2015 will be a better year. For members of Gen X, those born between about 1965 and the early 1980, 32 percent are confident the next year will be better for them personally. Only 29 percent of baby boomers feel the same.
The Limra survey included 916 Americans who play a role in the household financial decisions.