Compared to any other age group, millennials are the most optimistic about their finances. They’re also the demographic most likely to buy a home in the next three years, according to a new survey of nearly 2,000 adults ages 18 to 65 conducted by Wells Fargo & Company. Just last year, their views were more in line with other generations, but now the millennials are pushing ahead with their housing optimism.
“This latest survey reflects strong optimism on the part of America’s youngest adult consumers and also tells us consumers in general want to learn more about how credit works,” says Shelley Freeman, head of Wells Fargo’s Consumer Credit Solutions group.
Read more: Millennial Renters Dish on When They’ll Buy
The survey showed that 28 percent of millennials rate their current financial situation favorably compared to 24 percent of the general population. Sixty-six percent of millennials are optimistic that their personal financial situation will improve too, compared to 48 percent of the general population.
What’s more, nearly a third of millennials surveyed say they plan to buy a new home in the next three years, compared to 19 percent of their general population counterparts.
Overall, among all age groups, 82 percent of respondents are reporting their financial situation is “stable” to “strong” and 90 percent say they expect their personal financial situation to stay the same or improve a year from now.
The survey also showed that most respondents show a lack of confidence when it comes to financial information. A third – or 34 percent – grade their overall understanding of personal finances a C, D, or F. Forty-five percent grade their overall understanding of credit and loan products as a C, D or F.
Source: Wells Fargo