Survey Says–Michigan Residents Feeling Better About Their Finances
If you're feeling better about the future in Michigan, you're not alone. A new survey shows increasing consumer confidence.
The State of the State Survey from Michigan State University found 40% in a recent survey called their financial situation better this winter than a year ago. A little more than 30%, though, say they're worse off.
The survey also found 54% calling their financial situation "excellent" or "good" and that is similar to findings of the last several surveys.
Nearly 60% reported being confident about the future and expect to be better off in 2015. That number, according to MSU Economics Professor Charles Ballard, shows a significant jump from 40% just five years ago.
Despite the improvements, Ballard says there is still work to be done. "Michigan has added nearly 300,000 jobs in the last four years," he said. "But that's against the backdrop of Michigan losing 860,000 in the previous decade. Employment and output in Michigan are still smaller than they were 10 years ago."
Survey results vary across the state. In Detroit, only 23% reported a good or excellent financial situation.
Ballard says surprisingly, the survey found some with incomes of less than $20,000 a year reported their situation in a positive light while a number of those with incomes over $100,000 reported theirs as "just fair" or "not so good."
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