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Wednesday, June 25 2008
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According to the COUNTRY Financial Security Index, Americans are feeling more confident about the individual financial situation. Confidence in personal finances has jumped as people feel better about their ability to save money and also pay off debts.Here are some of the key findings from the security index:
I tend to think that this is a result of the economic stimulus payments that have been going out. For many people, those economic stimulus payments add a little more money to the budget, providing some breathing room. What will be interesting to see is whether or not the story remains the same when the economic stimulus money has been spent and household budgets are back to normal.
- Those able to set aside money for savings or investments rose to 55 percent in June, up four points from April. While the number of men saying they were able to put money away spiked eight points to 60 percent, the number of women able to do so remained flat at 51 percent.
- There was a four point increase to 64 percent in those confident they could save for a secure retirement.
- Eight-in-ten are confident in their ability to pay their debts as they come due, a two-point increase from April and the most to say this since December 2007. Younger Americans showed the largest gain in optimism, with 70 percent of 18 to 29 year olds confident compared to just 65 percent in April.
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Latest Comments in posts
Economic Boost ...
I agree with you on the economic stimulus monies that people have received. It makes us all feel a bit better to have cash in our wallets or in the bank. Seeing your bank account balance increase even $600 can boost your morale. But I also think that maybe, just maybe, the economy is starting to boost a bit. Although there are still foreclosures and people are definitely feeling the bite at the gas pumps, it seems to me that the media is not all doom and gloom anymore. I don't know, maybe I have just tuned them out!! And if I have, then maybe others have as well. I sincerely hope that is the case. Since the economy typically runs in a cyclical pattern, maybe we are starting to see the upside, just a bit? I know we're all ready for it!
By: Kim Shuford
on
6/26/08 at 6:40 PM
You are always so optimistic! I think that economy may be picking up a little as well, but we will have to wait and see whether or not it is sustained.
While these things generally do run in cycles, we have made the whole thing unstable with our constant insistence that everything must be growth, growth, growth. Continuous growth is unsustainable, but since the mid-1990s (especially) our government has been trying to manipulate and stimulate things so that there is constant growth (lest those in power be ousted in the next election).
Unfortunately, that actually increases the level of instability in the overall economy, and will lead to more pronounced swings -- and larger crashes in the future if we stay on this course of trying to "fix" downcycles rather than riding them out with a citizenry that practices good personal financial principles.
By: Miranda Marquit
on
6/27/08 at 10:59 AM
While these things generally do run in cycles, we have made the whole thing unstable with our constant insistence that everything must be growth, growth, growth. Continuous growth is unsustainable, but since the mid-1990s (especially) our government has been trying to manipulate and stimulate things so that there is constant growth (lest those in power be ousted in the next election).
Unfortunately, that actually increases the level of instability in the overall economy, and will lead to more pronounced swings -- and larger crashes in the future if we stay on this course of trying to "fix" downcycles rather than riding them out with a citizenry that practices good personal financial principles.
I totally agree, there are no quick fixes and the more they try to fix, the worse they make it! I think we've all seen that! It is time to cut back and ride out the storm, I'm just hoping to see the storm let up!! Have a good one!!
By: Kim Shuford
on
6/29/08 at 6:37 PM
You're right. We should step back, look at our personal finances, and do what's right for our financial situations -- mostly by cutting back. If we did that, we'd start to move away from the debt based and consumer spending economy we have now and gravitate back toward an economy that is oriented more toward strong individual finances.
By: Miranda Marquit
on
6/30/08 at 1:04 PM
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