Missourians remain optimistic about personal finances

More than a quarter of Missouri consumers believe their personal finances are better off now than a year ago, according to data from Arvest Bank’s fall Consumer Sentiment Survey.

Conducted by phone, the Lowell, Ark.-based bank’s biannual survey captured consumer expectations on personal finances and business conditions from 1,200 respondents in Missouri, Arkansas, Oklahoma and Kansas during September, according to a news release.

Twenty-six percent of 409 surveyed Missouri consumers stated their current financial situation was better in 2015, compared to 21 percent of 393 respondents surveyed in March. Regionally, that sentiment improved from 23 percent in March to 24 percent in September.

The number of Missouri consumers who feel their finances are worse now than last year dropped to 16 percent from 20 percent in the new survey. Regionally, sentiment held at 19 percent from March to September.

“That compares to previous readings that were as low as only one-sixth from the previous year,” said Missouri State University Bureau of Economic Research Director David Mitchell, who was retained by Arvest to analyze the survey results, in the release. ”Furthermore, fully one-third of consumers see themselves better off one year from now.”

Mitchell said sustained gas prices and increased job growth in the state account for positive responses to the survey, but the index measuring consumer expectations for business conditions declined nine points.

Missourians expecting business conditions to worsen over the next 12 months increased from 36 to 38 percent, while those predicting good conditions dropped from 37 to 30 percent. Forty-one percent of Missourians believe widespread unemployment will occur in the next five years, compared to 40 percent of those who responded to the survey six months ago.

Evaluating buying conditions, 59 percent of Missouri respondents said the next six months would be a good time to purchase household items, compared to 60 percent in March.

The survey was conducted by Arvest with research partners The Center for Business and Economic Research at the University of Arkansas, The University of Oklahoma Public Opinion Learning Laboratory and the Bureau of Economic Research at MSU.