Older Americans’ cheeriness about the U.S. economy is increasing at a swift clip, but younger folks aren’t feeling quite so optimistic. Beginning in September 2016, U.S. consumer sentiment as measured by the University of Michigan has climbed year-over-year each month for Americans age 55 and over, growing as much as 19 percent in April from the comparable year-ago period.
Though it has moderated since, sentiment growth for this age bracket still starkly contrasts with that of younger Americans, where growth has been negative for more than a year. Confidence among younger people slipped slightly in the October reading.
Going back decades, consumer surveys have shown Americans in their 20s and 30s more optimistic about the economy compared with their parents and grandparents. What's changed now? One factor in older Americans’ buoyant enthusiasm could be the wealth effect, as stock portfolios and retirement savings have soared.
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