NEW YORK — The role of credit unions in helping Americans improve their financial lives appears increasingly critical, with each new survey underscoring growing pessimism about the future. A new Wall Street Journal-NORC poll found that just 25% of respondents believe they have a good chance of improving their standard of living — a record low in surveys dating back to 1987. More than three-quarters said they lack confidence that life for the next generation will be better than their own, the Journal reported.
Nearly 70% of respondents said they believe the American dream — that hard work leads to advancement — “no longer holds true or never did,” the highest level of doubt in nearly 15 years of surveys, according to the Journal.
Additional Findings
• Republicans in the survey were less pessimistic than Democrats, reflecting the longstanding trend that the party in the White House is more upbeat about the economy. An index combining six poll questions found that 55% of Republicans and 90% of Democrats held a negative outlook for themselves and their children.
• Discontent cut across demographics, with large majorities of men and women, younger and older adults, college graduates and non-graduates, and households both above and below $100,000 in income reporting a pessimistic view.
‘Saddens Me’
“It sort of saddens me,” said Neale Mahoney, a Stanford University economics professor who studies economic sentiment. “I think one of our superpowers as a country is our relentless optimism … It is the fuel for entrepreneurship and other exceptional achievements.”
The poll did show a somewhat brighter view of the current economy. Some 44% rated conditions as excellent or good, up from 38% a year ago, though still fewer than the 56% who said the economy is “not good” or “poor,” according to the Journal.
