April 2011: Savings

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April 2011: Savings

By Bankrate.com

Q:

How do you feel about the amount of money you have in savings compared to 12 months ago?

Savings fears grew from March, when 17 percent were more comfortable and 40 percent were less comfortable.
Comfort levels decline with age, with 22 percent of respondents aged 18 to 29 more comfortable versus only 7 percent of those over 65.
Among college grads, 25 percent were more comfortable, compared to 9 percent of those whose education ended with high school.

Stephen Brobeck

"Americans are still experiencing the effects of the Great Recession."

The responses to this question, and even those to the questions on debt and overall financial situation, strongly suggest that many Americans are still experiencing the effects of the Great Recession, where many lost income, most lost wealth and many dipped into savings. For these Americans to feel better about their financial condition, unemployment must continue to fall and wages must begin to rise.

- Stephen Brobeck, executive director, Consumer Federation of America

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Posted: April 25, 2011

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