savings

Savings

October 2011 Financial Security Index » Savings

Q:

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

Eleven percent of Americans are more comfortable with their savings than they were one year ago -- down from 19 percent in January and a new low.
Among Americans approaching retirement (ages 50 to 64), a whopping 56 percent are less comfortable with their savings, and only 5 percent are more comfortable.
Among high earners ($75,000-plus), 19 percent are more comfortable with their savings, but 36 percent are less comfortable compared to the year before.
Cary Stamp

"In the past dozen years, boomers have witnessed two market catastrophes, the biggest recession in 70 years and the loss of much of their home equity."

The baby boom generation looked like they were going to be in great shape when the 21st century dawned. In the past dozen years, they have witnessed two market catastrophes, the biggest recession in 70 years and the loss of much of their home equity. I completely understand why they feel they are long on debt and short on savings.

- Cary Stamp, CFP, founder and president of Lincoln Park Financial Group in Chicago, Ill., and Cary Stamp & Company in Palm Beach Gardens, Fla.

« Back to the Financial Security Index poll.

 

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