smart spending

Financial Security Index drops in May

Financial Security Index Charts » Financial Security Index Drops In May

Despite a strengthening jobs market, American financial security dropped in May, according to a monthly survey by Bankrate.com. It was the second monthly drop in a row.

Bankrate's Financial Security Index declined to 98.7 from April's mark of 100.5. Last May, the FSI measured at 100.2. Any index reading below 100 indicates that financial security has deteriorated over the past 12 months.

Financial Security Index

Bankrate Chief Financial Analyst Greg McBride said that feelings on job security turned negative for the first time in six months. The percentage of American workers feeling more secure in their jobs declined from 24 percent in April to 18 percent in May.

McBride added that the comfort among consumers with their savings declined further in May. Those feeling less comfortable with their savings outnumbered those who are more comfortable by a 2-to-1 margin. Meanwhile, Americans continued to be less comfortable with their debt, compared with the same period last year.

Thanks to rising home prices and a booming stock market, net worth is now the strongest component of financial security. Just 1 in 6 survey respondents reported a lower net worth than one year ago, McBride said.

The Financial Security Index was based on a survey of 1,002 people during the first week of May. 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.

advertisement

Show Bankrate's community sharing policy
          Connect with us
MORTGAGE HOME EQUITY AUTO CDs CREDIT CARDS
Product Rate Change Last week
30 year fixed 4.38%  0.12 4.26%
15 year fixed 3.23%  0.03 3.20%
5/1 ARM 3.67%  0.39 3.28%
 
View Rates in your area Next
Product Rate Change Last week
30K FICO-based HELOC 4.35%  0.01 4.36%
50K FICO-based HELOC 4.06%  0.02 4.08%
100K FICO-based HELOC 3.91%  0.02 3.93%
 
View Rates in your area Next
Product Rate Change Last week
60 month used car loan 2.69% --0.00 2.69%
48 month used car loan 2.92% --0.00 2.92%
60 month new car loan 3.18%  0.01 3.17%
 
View Rates in your area Next
Product Rate Change Last week
1 Year CD 0.90%  0.00 0.90%
2 Year CD 1.09%  0.01 1.10%
5 Year CD 1.73%  0.08 1.81%
 
View Rates in your area Next
Product Rate Change Last week
Balance Transfer Cards 15.70%  0.02 15.72%
Cash Back Cards 16.40% --0.00 16.40%
Low Interest Cards 10.86% --0.00 10.86%
 
Next
advertisement
FRUGAL NEWSLETTER

Discover new ways to cut costs and save more every day. Reduce your spending, not life’s pleasures. Delivered weekly.

advertisement
Partner Center
advertisement

Connect with us