Michigan consumers are growing increasingly confident about their personal finances. That's according to the latest State of the State Survey from Michigan State University.
In a sign of an overall improving economy, 40 percent called their financial situation better this winter than a year ago. Another 31 percent said they were worse off financially than a year ago.Their views marked a continuing improvement since the spring of 2009, when only 13 percent said they were better off and 65 percent said they were worse off.
Charles Ballard, MSU economics professor and survey director says that improvement is reflected in the survey data, which show that Michigan residents view the economic situation more favorably than they did a few years ago.
54 percent also called their current finances "excellent" or "good" in the survey. Ballard said those results are similar to the results of the last several surveys, stretching back to 2012, but well above the reading of 40 percent from five years ago.Michigan residents are also upbeat about their future. Some 59 percent said they expect to be better off a year from now. Only 20 percent said they expected to be worse off.
The telephone survey of around 1,000 Michigan adults, including both cell phones and landlines, was completed February 10. The margin of error is about 3 percent.