Connecticut residents are feeling increasingly pessimistic about their financial health and the state’s economic well-being, according to the latest InformCT Consumer Confidence Survey covering the first quarter of this year.
When asked if they are worse off financially than six months ago, 33% percent of respondents said that they were while 26% said they are better off. When InformCT asked the same question at the end of the fourth quarter of 2018, the numbers were even at 31%, while the breakdown was 31%-30% in the first quarter 2018 poll. As for the near future, 37% said they expected they would be in better financial health in six months, a drop from the 47% who held that view a year ago.
When asked if they “feel that the Connecticut economy is improving,” 44% of respondents disagreed, while 25% agreed and 31% were unsure. Among the primary concerns burdening Connecticut residents, 59% cited unaffordable health care and 50% were afraid they would not have enough money to retire comfortably. And when asked about the statement “Connecticut is a good place to live and raise a family,” 47% agreed and 35% did not – which marks the first time in the survey’s four-year history that more than 30% of respondents disagreed with that statement.
On the business front, 52% of residents felt overall business conditions in the state are about the same as six months ago, while 19% felt conditions are better and 28% said they’ve become worse. Looking ahead, 48% expected business conditions to remain the same, 27% said conditions will improve and 27% said conditions will worsen. Regarding employment opportunities, 61% expect the state’s employment situation to remain about the same six months from now, with 21% forecasting an improved situation and 18% bracing for things to get worse.
The online survey of 505 state residents was conducted in late March, with a 4% margin of error.