Americans feel optimistic about their finances and the future, according to the third “How America Buys and Borrows” survey by Wells Fargo & Company (NYSE:WFC) and Ipsos. The findings show millennials, ages 18-35, are the most optimistic about their finances and report being most likely to buy a home in the next three years. This optimism is a shift from last year when generations were more united than divided in their outlook. Wells Fargo releases this survey data as part of its annual support of the American Bankers Association’s Get Smart About Credit campaign.
Data from the 2015 survey shows Millennial optimism is strong in several key areas:
- Twenty-eight percent of millennials rate their current financial situation favorably, compared to 24 percent of the general population.
- Looking ahead, 66 percent of millennials feel their personal financial situation will improve, compared to 48 percent of the general population – an 18 percent divide.
- Millennials are most likely to be in the process of refinancing their mortgage or buying an investment property, vacation home or new home for themselves.
- Nearly a third of millennials say they plan to buy a new home in the next three years, compared to 19 percent of their general population counterparts.