A majority of Americans believe the good times are gone for good, a new survey shows.
Only 27 percent of Americans think the old, pre-recession economy will return, according to the latest Country Financial Security Index survey. Half of these Americans don’t expect to see it return until 2015 or later.
“With the most optimistic believing a full economic recovery is years away, the need for people to take control of their money has never been greater,” says Joe Buhrmann, a manager at financial services firm Country Financial.
Editor's Note: 'It’s Curtains for the US' — Hear Unapologetic Warning from Prophetic Economist.
Americans are still cautiously optimistic about their ability to be financially secure, the survey indicates. Nearly two-thirds are at least somewhat confident they can meet their financial needs and goals, compared with 27 percent who are not very confident.
Half the survey respondents changed how they manage money because of the recession. Over a third (35 percent) said they cut spending or downsized, 16 percent more closely follow a budget, 11 percent reduced purchases on credit and 4 percent have implemented more conservative investments.
Entrepreneurs are even more pessimistic and less confident about their finances. Only one in five think the pre-recession economy will return, compared with 34 percent of government workers and 30 percent of private company workers.
While 56 percent of entrepreneurs are confident they can meet their financial goals and needs in a new economic reality, confidence is higher among government workers (67 percent) and private company employees (66 percent).
CEO confidence about the economy improved recently, according to The Conference Board, a nonprofit, independent business researcher.
“CEO Confidence improved in the final quarter of 2012, despite the cloud of fiscal uncertainty,” said Lynn Franco, director of economic indicators at The Conference Board. “However, CEO sentiment remains pessimistic by historical standards. Regarding inflation expectations for 2013, CEOs expect moderate price increases.”
According to the Conference Board, 15 percent of business leader said conditions have improved, compared with six months ago, up from 9 percent last quarter. About 13 percent of business leaders say conditions in their own industries have improved, compared with 14 percent in the third quarter of 2012.
Editor's Note: 'It’s Curtains for the US' — Hear Unapologetic Warning from Prophetic Economist.
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