Financial optimism has not reached the 50 percent mark as of yet, although it has improved in the last five years, according to a survey by New York Life.
Forty-three percent of Americans are optimistic about their financial future for the coming year, compared with 31 percent who said the same thing five years ago, according to the survey, which polled 1,863 people age 30 or over.
The percentage of people who plan to reduce debt during the coming year increased to 67 percent in this year’s survey, compared with 57 percent in a similar survey taken in 2011.
Likewise, 61 percent say they plan to save more in 2017, an increase of 11 percentage points from the survey five years ago.
“The negative effects of the Great Recession appear to be waning when it comes to Americans’ expectations and their proactive plans for financial well-being in 2017,” said Mark Madgett, senior vice president at New York Life.
“Despite the economic and political unsteadiness that continued in 2016, many Americans feel more secure about taking control of their finances heading into 2017,” he added.
The study found that 57 percent say they are making long-term financial plans; however, they consider “long term” to be a little over four years.
“It’s very positive that many Americans plan on making long-term goals, but worrisome that Americans generally define ‘long term’ to be within the next five years,” Madgett said. “While planning for the next five years is a good idea, the realities of financial life show that long-term planning should encompass plans for the next 10, 20 and 30 years.”
Only 24 percent plan to seek professional financial help, but that number is still a 10-point increase over five years ago.