NJ residents are optimistic about their finances
💲 A new survey finds NJ residents are financially optimistic
💲 Gen Z has the highest level of optimism
💲 Some younger New Jerseyans worry about a monetary emergency
Despite ongoing concerns about inflation, a new survey finds financial optimism is high among New Jersey residents.
According to Jacqui Kearns, the chief wellbeing officer at Affinity Federal Credit Union, 49% of respondents in a just-released survey have a positive outlook about their financial futures, with Generation Z reporting the highest level of optimism at 59%.
“New Jersey residents are actually quite resilient even with all the challenges in our marketplace,” she said.
Boomers prepared for a problem
She said the survey also finds the majority of older generation respondents think they are well-prepared for a financial emergency.
“Around 60% of baby boomers felt more confident to handle things that happen when there is additional financial stress on their households or their income.”
Some are not so ready
She noted at the same time “those of us who are a little bit younger felt a lot more stressed by the fact there could be a major life event or something happening in our household due to the current economic times.”
While 61% of baby boomers expressed confidence in handling a monetary crisis, only 42% of Gen Z respondents did.
Some are struggling to get by
She said the survey finds overall 29% of respondents reported having financial concerns about everyday expenses.
“They felt inflation was a definite driver for very basic things like getting the groceries they’ve always bought or the gas that they put into their car,” said Kearns.
She added a lot of Garden State residents also expressed interest in learning more about planning for retirement financial coaching and budgeting.
“That’s because of cost inflation on certain things that people never had to think about before, how do I afford that, and they want a financial professional.”
The Winter 2023 edition of the Wellbeing and Your Wallet Index is the first installment of what will be quarterly surveys and data releases to assess changes in sentiment and financial wellbeing over time. Affinity partnered with Drive Research for the survey.
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