Only 17% of Americans Report Better Financial Situation than One Year Ago
Press release from the issuing company
Monday, October 31st, 2011
Bankrate.com'sFinancial Security Index slumped in October, falling to 92.8 from 93.9, and is now at its second-lowest level of the year. Any reading below 100 indicates feelings of less financial security relative to 12 months ago.
"The weak economy, ailing housing sector and volatile stock market continue to undercut consumers' feelings of financial security," saidGreg McBride, CFA, senior financial analyst for Bankrate.com. "Americans' feelings about their savings, debt and net worth continue to erode."
Overall Financial Situation
- Merely 17% of Americans report their overall financial situation is better today than 12 months ago, a new low.
- Just 11% of Americans are more comfortable with theirsavingsnow compared to one year ago, a new low.
- Only 20% of Americans are more comfortable with their debt now compared to 12 months ago, a figure that has dropped every month since June.
- 19% of Americans report higher net worth than one year ago, while 30% report lower net worth.
Older Americans Hit Hard
- 31% of Americans between ages 50 and 64 feel less secure in their jobs now compared to 12 months ago.
- 56% of those between ages 50 and 64 feel less comfortable with their savings today compared to 12 months ago, and only 5% are more comfortable.
- 38% of retirees say their overall financial situation is worse now than 12 months ago, with only 7% saying it is better.
- 70% of Americans' tipping habits are unchanged despite the current economic situation (16% tip less and 9% tip more). 24% of the lowest income households are tipping less.