According to a recent survey conducted by ICR / International Communications Research, not surprisingly 85% of U.S. adults described the state of the U.S. economy in 2008 as being worse than in 2007. However, Americans are optimistic for the new year, with 41% of adults surveyed believing that 2009 will turn out to be better than 2008.

More lower income, high school or less educated, and African American households share the optimism. "Much is hoped from the new administration to deploy initiatives that will ‘trickle up’ sooner than could be expected," comments Neil Modi, SVP of Financial Services Group. In contrast, more among those nearing retirement (aged 55-64), who are likely the most anxious for an imminent recovery, anticipate things to get worse in 2009.

It would be an understatement to say that 2008 was a significant year. It was a year that will go down in history as the third worst in the world market since the oldest and most watched market index, Dow Jones, was created in 1896. It was a year that the price of a barrel of gas reached $147 for the first time ever. It also marked the biggest implosion of the financial system since the Great Depression of the 1930s. And, in the spirit of setting records, it was the first time in U.S. history that an African American was elected president, with the highest voter turnout in at least 40 years.

In may be fair to say that these events were inter-linked. Polls taken in the last few months of the presidential campaign as well as exit polls conducted on Election Day showed the economy as the top concern for voters. President elect Barack Obama, whose campaign premise was built around establishing change through economic recovery and energy independence, therefore became a clear choice. However, while Obama has stated that things will get worse before they get better, many are anticipating a quicker recovery, 41% of adults think 2009 will turn out to be better than 2008.

While 2008 has been a tough year on the economic front, fewer people were affected negatively on the personal front. Close to three out of every five adults in the U.S. either described the state of their financial situation as being better or the same when compared to 2007. More among 18-24 and 45-54 years old saw their personal finances get better than the preceding year. Furthermore, the 2009 outlook on the personal front for many more is positive than compared to 2008, with fewer households (18%) expecting things to get worse.

On one hand it all makes sense. Things can only get better after an unprecedented year of turmoil in our modern history. The rate and hope of any recovery can also be expected to vary among those afflicted. On the other hand, the findings from the survey suggest that for many the economic challenges have not negatively impacted their current and anticipated personal financial situation. Could it be that we successfully avoided a widespread calamity from occurring and that we are nearing the end of the current economic struggle?