Consumer financial pessimism is surprisingly a little lower than it was last year, according to TransUnion's second-quarter Consumer Pulse study, and younger generations are the most optimistic.  

Based on a survey of nearly 3,000 U.S. adults, 55% of consumers are optimistic about their household finances over the next 12 months, which is unchanged from last year, and pessimism declined four percentage points to 23%.  

“Affordability has become the defining issue shaping consumer finances today, yet consumers remain remarkably resilient,” said Charlie Wise, head of global research and consulting at TransUnion.  

Inflation was ranked as the top financial concern by 83% of consumers, followed by recession fears as second and interest rates and housing prices tying for third.  

Amid current geopolitical tensions, concern over gas prices showed the greatest rise at 71%, up 45% year-over-year. And respondents cited gas as the least affordable spending category at 54%.  

But views on affordability vary across generations. Generation X consumers recorded feeling affordability pressures the most, while millennials and generation Z reported higher levels of affordability for most spending categories.

Overall, millennials and generation Z were the most optimistic about their future finances, while the baby boomer generation remained the most pessimistic.