savings

Savings

August 2011 Financial Security Index » Savings

Q:

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

Those feeling more comfortable with their savings slipped to 12 percent, the lowest level since January's 19 percent.
Nearly half of Americans (47 percent) feel less comfortable with their savings today, up from 35 percent in May.
More than half of Americans ages 50 and older are less comfortable now, versus 34 percent of those younger than 30.
John Burke

"Americans have long undersaved."

People are feeling less secure about the economy and about their own finances. At the same time, if the interest rate at the bank is 0.5 percent and last year the interest rate was 2 percent, people are going to do the math and say, "I need to save more money." The reality is that for many people, what they have saved relative to what they will need is far apart. That realization may be the silver lining to the crisis we are going through.

- John Burke, CFP, owner of Burke Financial Strategies in Iselin, N.J.

« Back to the Financial Security Index poll.

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