A new national survey from Madison-based CUNA Mutual Group finds respondents optimistic about their own financial security despite many having little to no financial parachute.
According to a release, 62 percent of survey respondents say they feel somewhat or very confident about their personal financial situation, and 46 percent say it’s very unlikely they will miss a loan payment in the next one or two years.
However, only 23 percent of respondents say they have no emergency savings, and 30 percent only have one to three months’ worth of savings.
“Markets may be rebounding and unemployment at historic lows, but we’re still seeing middle class families struggle with sticky wages, inadequate liquidity, high debt, insufficient savings and difficulty building wealth,” said Steve Rick, the company’s chief economist. “This population is among the most exposed to an eventual downturn.”
Only 28 percent of respondents say they’re ready for retirement. And millennials are the most likely group to forego elements of the traditional American Dream, which CUNA defines as buying a home, getting post-secondary education, and starting a family.
Forty-nine percent have put off purchasing a home, compared to 29 percent for the general population. Thirty-one percent have put off higher ed, compared to 17 percent overall. And 23 percent have put off starting a family, compared to 9 percent for all others.
The August survey polled 1,258 U.S. adults aged 18 or older with an annual income between $35,000 and $100,000.