The joy of youth. KTRH money man says the biggest driver of financial optimism found in a Bankrate survey of who expects to make more money this year is age. One third say they will have more jingle in their pockets, but two –thirds don’t.
“Of the two-thirds who say their situation will not improve,” KTRH moneyman Pat Shinn tells KTRH News, “the number one reason, surprisingly, is not Covid. It’s inflation.”
They remember the 1980’s.
26% of Americans enter 2022 expecting to have less money. Why the pessimism? “When you drill down it is fascinating to find out why. Is it your occupation? Is it your gender? Is it the part of the country you live? And the answer is no. It is your age,” says Shinn.
Some people remember the runaway inflation that slowed the economy to a trickle in the late 1970’s through the early 80’s.
Of the one-third who expect to have more money, 46% expect a higher wage. 36% are going to pay down their debt.
The survivors of the 1980’s know the wise of the two options.
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