Almost 2/3 of Consumers Say Their Children Won't Be As Fortunate

by Jack Loechner, May 23, 2006, 3:00 AM

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Almost 2/3 of Consumers Say Their Children Won't Be As Fortunate

According to the BIGresearch May Consumer Intentions and Actions Survey 62% of the 7,500 consumers survey said that their children and/or grandchildren will NOT have a better economic future than they looked forward to. Typical reasons ranged from the "better educated children and better technology," to "bad politics, bad government, inflation and national debt are killing us."

This negative anticipation was shared across all age groups, with more women responding negatively than men. However, younger respondents (ages 18-24) were not quite as downbeat as older consumers.

The age group with the most uncertain economic outlook on the future was 35-54-year-olds. Among this group:

• 48% feel they do not have adequate savings for the future,
• 31% are paying for purchases with cash more often, and
• 34% plan to start increasing their savings in the next 90 days.

Joe Pilotta, VP of research for BIGresearch, said "... both male and female consumers in this age bracket (35-54) are fairly well educated, own their homes and are employed with an average household income of over $50,000 per year -- but there are very real economic concerns burdening them. ... They just don't see their situation getting any better, and that's how they see the future for their children."

These consumers are also curtailing:

• Spending on dining out (42%)
• Vacation travel (38%)
• Entertainment (37%)

Fluctuating gas prices influenced many of these choices, especially for women ages 35-54.

Response to: "Do you think your children and/or grandchildren will have a better economic future than you?"
	All	Men	Women	Age					Income
				18-24	25-34	35-44	45-54	65+	<$50K	$50K+
Yes	37.5%	39.7%	35.5%	45.8%	41.8%	32.0%	32.5%	40.0%	36.2%	38.8%
No	62.5%	60.3%	64.5%	54.2%	58.2%	68.0%	67.5%	60.0%	63.8%	61.2%
Source: BIGResearch, May 2006

See release and access Top Line Findings by clicking here.

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