A couple of weeks ago, I queried a number of 30-somethings that I know to find out how they felt about the economic future, both their own and the country’s. Pretty simple. Are you optimistic or pessimistic about your financial future and the financial future of our country? And then tell me, why.
Let me first disclaim that this is not a scientific sampling nor can any meaningful conclusions be drawn from the results. I would even go further in disclosing that these are what I term as “my kids”. Two actually are (my son and daughter-in-law) and the others are kids I have known for most of their lives. All that being said, here is how they feel.
All express optimism about their own economic futures and the economic future of the country. They all believe that the federal government won’t be able to provide the entitlement programs for them that they have for earlier generations. One expressed the belief that he would have to work until age 80. He viewed that as “realistic” not as “pessimistic”. The majority expressed frustration about the divisions and partisanship that exists in the country and certainly in Washington and how politicians aren’t willing to work together for the good of the people. They do believe that things are getting better and they have optimistic views on the job market. Many in the group commented on increased regulations and felt that they were good. One went so far as to say he didn’t want to go back to the deregulation of the Bush era. Only one commented on taxes and his opinion was that the middle class needed a tax break and that if the rich paid more in taxes, it would have a trickle down effect. Though worded differently by each, they believe that their economic future rests with them, meaning they believe they are responsible for their success or failure, not the politicians.
The answers that I got back didn’t surprise me. It would be awful to be in your 30’s with your whole life ahead and not have some optimism about your future. I also like the fact that at least with this group of 30-somethings, they are “makers” not “takers.” They believe that their own actions will define their economic future and they don’t want to live off of government handouts, and they don’t feel that we can continue the trend of the government providing so much to so many.
Not one of “my kids” even remotely indicated that America’s best days were behind her. To this 50+ person, I find that encouraging. One felt that as a country we are going through some “growing pains,” but that in the long term, we will be better off in the future than we are today.
I don’t know if this group is representative of the majority of 30-somethings, but I hope so.
Mike Berry is a Registered Representative offering securities through Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC. Investment Advisor Representative, Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Legacy Wealth Management, LLC and Cambridge are not affiliated. Cambridge does not offer tax advice.
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