January 2012 Financial Security Index » Savings Holiday spending Job security Savings Debt Net worth Overall financial situation Q: How do you feel about the amount of money you have in savings compared to 12 months ago? Twenty-four percent of college grads are more comfortable with their savings than they were a year ago, versus 9 percent of those with a high school diploma or less. Among retirees, 40 percent are less comfortable, 10 percent are more comfortable, and 44 percent say their comfort level is about the same as last year. Half of those making less than $30,000 are less comfortable with their savings than a year ago, compared to 34 percent making more than $75,000. Glenn Wiggle "With a stock market essentially flat, the comfort levels slipped a bit." Although it seems as if clients are starting to feel more comfortable with the economy as a whole, they remain pessimistic with regard to their personal financial situation. Most of our clients include savings in their total invested assets when they talk about their comfort level. This past year, with a stock market essentially flat, the comfort levels slipped a bit. In a few cases, although fairly rare, our clients have had to face pay cuts or general uncertainty about their jobs. I think that also has had an impact for those clients. A few have had to invade savings or investment accounts to sustain their budgets. - Glenn Wiggle, partner and chief compliance officer at Independent Solutions Wealth Management in Williamsville, N.Y. Financial fix-its Benefits of goal-setting savings accounts 20 savings mistakes people make 5 easy ways to pump up your savings 12 smart savings tips for 2012 Compound interest calculator 8 ways to accelerate retirement savings
January 2012 Financial Security Index » Savings
How do you feel about the amount of money you have in savings compared to 12 months ago?
- Glenn Wiggle, partner and chief compliance officer at Independent Solutions Wealth Management in Williamsville, N.Y.
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