MIAMI–Consumers in February said they were feeling approximately 9% more confident about their financial health than they did one year ago, according to the latest WalletHub Economic Index.
According to the company, the WalletHub Economic Index is based on a monthly survey that evaluates economic prospects based on 10 components of consumer sentiment. These components revolve around how people feel about their finances, purchasing plans and employment opportunities.
Key Findings
Among the key findings:
- Real estate popularity rises. Home-buying interest among consumers increased by over 27% in February 2024 compared to last year, while hitting the second-highest level recorded since December 2020, tailing just October 2023, the company reported.
- Increasing interest in auto purchases. The share of consumers who expect to buy a car in the next six months is almost 16% higher in February 2024 compared to last year, the survey found.
- Large purchases are a priority. In February 2024, consumers’ likelihood of making a large purchase in the next six months is over 15% higher than it was last year, while topping all the values recorded since December 2020, WalletHub said.
- Increase in optimism. In February 2024, consumers’ optimism about whether their finance will improve in the next six months was 5% higher than it was last year.
- Stronger sense of job security. People’s confidence in having a job in the next six months is 5% higher in February 2024 compared to last year.
According to Wallethub, the survey did find one negative, with the share of consumers who feel new employment opportunities are “abundant” lower (-6.2%) in February 2024 compared to last year.
The complete WalletHub Economic Index results can be found here.
Now With Free Shipping! The CUToday.info Daily News Email Keeps Getting Better!
The biggest, best and freshest news reporting in credit unions remains free, and now has an added bonus---free shipping to your email address! That’s right. Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more. So stop paying those bank-fee-like subscription prices from other so-called “news” publications!
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?