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June 2011: Savings

June 2011 Financial Security Index » Savings

Q:

How about you feel about the amount of money you have saved compared to 12 months ago?

The number of people less comfortable with their savings was up 4 percentage points, rising to 39 percent.
The proportion of people more comfortable with their savings level was unchanged at 16 percent.
About one-fourth of those earning $75,000 or more were more comfortable with their savings, but roughly one-third of this income group said they were less comfortable.
Mark Cortazzo

"The increases in food and energy costs have impacted lower-income earners to a much greater degree."

For people who make under $30,000, 50 percent were less comfortable with their level of savings. (The cost of) food and energy, as a percentage of income, is much higher in that demographic. But the majority (of respondents) were more comfortable or about the same. That is encouraging. For the most part, it's almost irrelevant what your income is. People tend to live to that standard. Saving is a discipline.

- Mark Cortazzo, founder, Flat Fee Portfolios, Parsippany, N.J.

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