Younger people have higher expectations of missing a debt payment, survey finds, but they’re closing the gap
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The reserve bank’s Survey of Consumer Expectations asked people their odds of missing a minimum debt payment within the next three months. In October, people under 40 said the chances of going delinquent were about 16 percent, while the over-60 set gave their odds at just 6 percent.
However, the under-40 group wins the badge for having the most improved financial picture. Their expectations of missing a payment have fallen from about 20 percent since the survey began in 2013, a bigger drop than other groups. The monthly survey asks a panel of 1,200 people about their expectations for prices, jobs and household finances.