Expectations For The Economy In The Coming Year (Base: All adults; Rounded) | |||||||
Expectation |
Total | Generation | Gender | ||||
Echo Boomers(18-36) | Gen. Xers(37-48) | Baby Boomers(49-67) | Matures(68+) | Male | Female | ||
Improve | 27% | 23% | 27% | 29% | 27% | 30% | 24% |
Stay the same | 42 | 49 | 45 | 36 | 33 | 39 | 44 |
Get worse | 32 | 28 | 28 | 34 | 40 | 31 | 33 |
Source: Harris Poll, December 2013 |
It is noteworthy that Americans are more likely than last year to believe the economy will stay the same (up 11 percentage points from December 2012), while drops are apparent both for the belief that the economy will improve (down 6 points) and that it will get worse (down 4 points), says the report.
Americans show deep divisions on this issue by political party, with Democrats nearly four times as likely as Republicans to believe that the economy will improve (46% Democrats, 12% Republicans); and the inverse true for the perception that it will get worse (47% Republicans, 13% Democrats). 41% of both parties, as well as Independents, are equally likely to ascribe to the belief that it will stay the same.
Americans were asked about their financial plans for the year ahead, as well as what they planned on doing in 2013, and whether or not they followed through on such plans.
Americans report a solid follow-through ratio for 2013 financial plans, and plans showing the best follow-through rates include:
45% of nearly half of Americans say they expect to cut back on household spending in 2014, while 40% plan on paying down their level of debt and saving more. 23% plan on saving more for retirement and 15% each plan on getting rid of one or more credit cards and undertaking home improvements that increase the value of their home.
2014 Financial Expectations Base: All adults | ||||||
Expectation |
Total | Intended in 2013 but didn't follow through | Generation | |||
Echo Boomers(18-36) | Gen. X(37-48) | Baby Boomers(49-67) | Matures(68+) | |||
Cut back on my household spending | 45% | 61% | 47% | 42% | 48% | 35% |
Pay down my level of debt | 40 | 68 | 43 | 41 | 43 | 23 |
Save more in the year ahead | 40 | 51 | 55 | 38 | 36 | 21 |
Save more for retirement | 23 | 36 | 26 | 30 | 23 | 2 |
Get rid of one or more credit cards | 15 | 53 | 16 | 16 | 15 | 11 |
Undertake home improvements that increase the value of my home | 15 | 39 | 17 | 12 | 16 | 12 |
Source: Harris Poll, December 2013 |
Financial plans for the coming year are similar to those seen a year ago, though there has been slight growth in planned saving, with stated intentions to save more in general and save more for retirement both up three percentage points.
Americans who tried and failed to make financial changes in 2013 appear to be doubling down. Those who intended a change in 2013, but didn't follow through, are more likely than the general population to say they expect to make such a change in 2014:
For additional information from Harris Interactive, please visit here.