Who Says the Worst Is Over? Financial Security Index Dips Again
Bankrate.com's monthly Financial Security Index fell from 93.9 to 92.8 in October, its second lowest level this year. According to Bankrate.com, anything below 100 is a clue that in general, people are feeling less financially secure compared to 12 months ago.
"The weak economy, ailing housing sector and volatile stock market continue to undercut consumers' feelings of financial security," said Greg McBride, CFA, senior financial analyst for Bankrate.com, in a prepared statement. "Americans' feelings about their savings, debt and net worth continue to erode."
Just how low folks are feeling? Only 11% of Americans said they were more comfortable with their savings now that a year ago, which was a new low. And when it comes to debt, only 20% said they were more comfortable than they were 12 months ago. That percentage has dropped monthly since June.
Meanwhile, 19% said their net worth was higher than this time last year, compared to some 30% who said their net worth had dipped.
Seniors are the group that's most earnestly crying the blues: 34% of those ages 50-64 surveyed, said they feel less secure in their jobs; 56% said they feel less comfortable with their savings, and only 5% are more comfortable. Nearly 40% of retirees say their overall financial situation is worse than a year ago, and a mere 7% are feeling things are better.