Most Americans say they're better off than their parents were

Source: Gallup

WASHINGTON, D.C. -- The large majority of Americans (69%) say they are better off financially than their parents were when they were the same age. However, this is down slightly from 74% in 1998, the last time Gallup asked the question.

The same Nov. 28-Dec. 1 Gallup poll also finds Americans only somewhat less likely now than in the more economically robust 1998 to be satisfied with their future prospects, income, net worth, and housing situation. Taken together, these results reveal that the majority of Americans do feel good about their personal financial situations, despite the struggling national economy.

Seniors More Positive Than Younger Generations

Four in five Americans aged 65 and older say they are better off financially than their parents were at their age. This is somewhat higher than the 64% to 70% of younger age groups saying the same.

High-income Americans are significantly more likely than those with lower incomes to say they are doing better financially than their parents were when they were the same age. Still, even a majority of lower-income Americans say they are better off financially than their parents were.

Bottom Line

Most Americans still think they are doing better financially than their parents did when they were the same age. This is positive news, given the difficult state of the U.S. economy over the past several years -- with millions of Americans seeing their home values deteriorate and jobs evaporate.

But Americans appear to be more upbeat when comparing their current situations with the past than with the unknown future. A Gallup survey from earlier this year found fewer Americans than ever saying today's youth will have a better life than their parents. And, while seniors and high-income Americans are the most positive regarding how they themselves are doing today compared with their parents, both groups were the least likely to predict that today's youth will be better off than their parents. So those who are most likely to think they are doing better than previous generations of Americans are apparently the least optimistic that future generations will enjoy the same prosperity.

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