Talk of recession continues to buzz around. Whether or not we are in a recession remains to be seen. However, the economy as a whole does not always reflect the individual struggles of the people that are part of that economy. Every month, the COUNTRY Financial Security Index measures how Americans feel about their personal financial situation. And it has been growing steadily grim since February. Hear are the latest numbers from the COUNTRY Index:
- The percentage of Americans rating their personal financial situation as excellent declined in April, dropping another point to just 13 percent.
- Those unable to set aside money for savings or investments rose two points to 45 percent.
- More than one in five (21 percent) are not confident in their ability to pay their debts as they come due, a one point increase since February.
- Since February, those confident in their ability to save for a secure retirement dropped three points to 60 percent, and those confident their family would live comfortably if they died or were disabled dropped two points to 62 percent.
It is important to arrange your finances to prepare for a recession as best you can now. Try to see where you can cut back in your budget, and figure out how to make what you have last. After all, even if we don’t tip into a recession, we’re still in an economic slowdown, and you need to prepare your personal financial situation as best you can.