Americans’ Perception of Financial Security Slipping
Americans are not feeling as financially secure as they were according to the COUNTRY Financial Security Index, which showed a decline of 1.2 points in June. The most recent reading marks the second consecutive decline and is two points lower than the beginning of the year when the Index was 70.2. It also marks a decline across the board in every category since the Index was created.
The COUNTRY Index records the perceived financial security of respondents on a scale of 0-100 with 100 indicating the highest level of security. It is based upon responses to a series of baseline survey questions asked in a national survey of at least 3,000 randomly selected American adults every other month.
Some of the Index findings include:
-The number of people who put money aside for savings or investments declined again in June to 53 percent.
-Just under half (48 percent) of Americans rated their personal level of financial security as excellent or good in June, down from 51 percent at the beginning of the year.
- There was a two-point decline in the number of people confident they will have the resources to send their child to college. Sixty-five percent (65%) now have that confidence.
- Concerns about retirement also increased in June, as just 62 percent said they are confident they will have the financial resources for a comfortable retirement, down from 64 percent in April.
The COUNTRY Financial Security Index is a bi-monthly measure of Americans’ sentiments toward their overall financial security. It is an aggregate of various factors comprising financial security including savings and investments, financial planning, retirement, education and asset protection.
The COUNTRY Index was created by COUNTRY Insurance & Financial Services and is compiled by Rasmussen Reports, LLC, an independent research firm, based on a national telephone survey of 3,000 Americans. COUNTRY Insurance & Financial Services serves about one million households and businesses throughout the United States. It offers a full range of financial products and services from auto, home and life insurance to retirement planning services, investment management and annuities.
Published on June 28, 2007
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