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Despite student loan debt, a slow job market and the many other challenges facing their generation, Americans between the ages of 18 and 29 have an optimistic outlook on their financial future. Things look significantly gloomier to older Americans, however.
Gallup’s Economy and Personal Finance survey found that 48 percent of young adults between the ages of 18 and 29 describe their current financial situation as “excellent” or “good,” while 73 percent describe it as “getting better.” When it comes to those age 65 and older, the same amount (48 percent) say their current situation is good or excellent — but just 23 percent say it’s getting better.
The optimism of young adults, according to the survey, boils down to the amount of time they have for upward mobility — which is limited for those older than 65.
Other groups the survey found to be particularly optimistic about their financial future included men, college grads, democrats, blacks and Hispanics. This year’s version of Gallup’s annual survey was released April 29, 2013.See related:Infographic: Debt clouds retirement optimism
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