Financial Security Index rises in June
Americans are feeling better about their jobs and that helped boost consumer financial security in June, according to a monthly reading by Bankrate.com. Its Financial Security Index had declined in April and May.
The Financial Security Index, which is based on a national telephone survey, rose to 101.5 from 98.7 in May. Last year, the FSI measured at 102.7. Any index reading above 100 indicates that financial security has increased over the past 12 months.
The survey estimates that 24 percent of Americans felt "more secure" in their jobs when compared with a year ago. That's up from last month's reading, which estimated that 18 percent felt more secure, though the difference is still within the survey's margin of error. The June survey also indicated that 17 percent of Americans felt less secure about their jobs while 59 percent felt about the same.
The Financial Security Index was based on a survey of 1,004 people from June 5-8. The survey is conducted every month by Princeton Survey Research Associates International.
Greg McBride, Bankrate's chief financial analyst, said that, in addition to better feelings about job security, the FSI was elevated by increased confidence in debt, net worth and overall financial situation. Consumers continued to show deteriorating confidence in their levels of savings -- a trend that stretches back to December 2010, when the FSI began.
If you think your savings could use a boost, take a look at the savings rates at Bankrate.com.