This is where Americans think their finances are headed in 2020

Glass jar overflowing with coins

If you doubt that your financial situation will improve in 2020, you are not alone.

More than half of American adults are skeptical that their personal finances will improve this year, according to a new survey of 2,634 adults from the financial website Bankrate.com.

Among that group, 41% said their finances will reflect what they were in 2019, while 16% believe they will get worse.

“Those who do not expect their finances to improve this year are more likely to say that it is because they will remain the same … instead of deteriorating,” says Greg McBride, chief financial analyst at Bankrate.com. “That is consistent with an environment where unemployment is low and people are seeing wage increases.”

Salaries improve prospects for some

Improving wages is a key reason why 43% of Americans said their personal financial forecast should improve this year.

Almost half said it will be due to higher paychecks. Meanwhile, 42% said they will receive a boost because they expect to have less debt.

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Among millennials between the ages of 20 and 30, 56% expected their personal finances to gain momentum in the new year, while 44% of people aged 40 to 55 said the same. Only 31% of baby boomers, between the ages of 56 and 74, felt hopeful.

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