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Overall financial situation

August 2011 Financial Security Index » Overall Financial Situation

Q:

Compared to 12 months ago, do you feel your overall financial situation is:

Fewer people feel better about their overall financial situation, at 19 percent versus 27 percent in May.
More people feel worse about their overall finances. The number increased to 35 percent from 25 percent in June.
About 4 out of 10 (41 percent) senior citizens feel their overall financial situation is worse now, while one-third of those younger than 30 say their situations are better.
Chad Nehring

"Focus on what you can control."

People are feeling worse today. But I would ask, other than the stock market, how much has really changed? The stock market is the most visible gauge, but have people's individual situations deteriorated that much? I can't help but wonder how much of this is fundamental and how much is based on emotion. It makes me wonder if people are sensing the lack of direction we seem to have right now. Economic and financial uncertainty is pervasive throughout the country on all levels -- at a macro level as well as locally and individually.

- Chad Nehring, CFP, vice president of Conceptual Financial Planning in Appleton, Wis.

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