Financial Security Index rises 3 percent
Financial security recovered in March, as consumers appeared to feel more comfortable about their savings, debts and net worth, according to a March reading by Bankrate.com.
Bankrate's Financial Security Index rebounded, rising 3 percent from a measurement of 99.3 in February to 102.2 in March. Any reading above 100 indicates that financial security increased compared with one year ago.
The monthly index, based on a consumer survey about debt, job security, net worth and other issues, has held above 100 for eight of the past 12 months.
"For the third consecutive month, all components except savings indicated improvement from one year ago," says Greg McBride, Bankrate's chief financial analyst.
McBride noted that the percentage of Americans indicating an improved overall financial situation outnumbered those that experienced a deteriorated situation by a 3-to-2 margin. Also, 27 percent of Americans reported a higher net worth than one year ago, compared with just 16 percent reporting a lower net worth.
The FSI was based on a telephone survey of 1,003 people. The survey is conducted every month by Princeton Survey Research Associates International.
If you think your savings could use a boost, take a look at the savings rates at Bankrate.com.