A recent poll found that Americans do not feel as confident about the next generation of workers as they did about their parents.
Americans have been asked whether they feel very likely, somewhat likely, somewhat unlikely or very unlikely that the next generation would have a better life than their parents for the past 28 years. In its April poll, Gallup found only 44 percent of respondents answered very likely or somewhat likely. This was the first time since the question has been asked that the majority of respondents answered in the negative.
Individuals between 18 and 29 felt more confident about today's youth, with 57 percent answering in the affirmative. However, older respondents appear to be less optimistic, as only 37 percent of individuals 65 and older answered similarly.
One reason why consumers feel less confident about the next generation of adults may be because of a reported deficiency in financial literacy. Many parents are unfamiliar with smart financial management strategies and ways to improve their credit, and thus, may not be able to teach their children smart money moves.
For example, a number of consumers are unaware that any information on their credit report that cannot be verified or shown to be accurate may be investigated and disputed. In some cases, consumers are able to have negative items, which have not been reported in compliance with federal regulations, removed from their credit reports. This strategy, known as credit repair, may provide consumers with a boost to their credit scores.