U.S. consumer financial confidence has been on the upswing since the start of the year, with millenials and Gen Z the most optimistic about their financial security, according to a new survey.
The survey of 2,503 U.S. adults, conducted last month by Ipsos for BMO Harris Bank's Real Financial Progress Index, found that 50% of consumers feel they are making real financial progress, which was up from 46% in January.
Also, 51% of Americans said they are more financially secure than last year, led by Gen Zers aged 18 to 24 ((65%) and younger millennials aged 25 to 34 (68%). That's up from 46% of Gen Zers and 59% of millennials in January—the largest increase of any age group, according to BMO.
These were among the other findings:
• 80% of Gen Z and 82% of millennials say they are confident in their financial situation, up from 64% and 76% respectively in January.
• Anxiety about finances dropped seven points from 50% from 43% for Gen Z and from 54% to 49% for millennials.
• 62% of Gen Z and 73% of millennials say they have enough emergency savings, compared to 55% and 62%, respectively, in January.
• 80% of Gen Z and 84% of millennials say they actively take steps to improve their financial situation, compared to 72% and 76%, respectively, in January.
"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," Paul Dilda, head of consumer strategy for BMO Harris Bank, said in a prepared statement.