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Overall financial situation

September 2011 Financial Security Index » Financial Security

Q:

Compared to 12 months ago, do you feel your overall financial situation is:

Nearly 4 out of 10 people older than 50 say their overall financial situations have declined versus a year ago.
About 3 out of 10 people younger than age 50 say they are worse off than last year; a nearly equal proportion in this age group is better off.
Nearly twice as many high earners ($75,000-plus), at 31 percent, say they're better off versus 16 percent for low earners (less than $30,000).
Mackey McNeill

"It's a great time to take inventory of personal goals, cash flow and overall finances. You can't control outside yourself, so focus on what you can control."

Nine months ago, 27 percent of Americans felt they were better off and 27 percent felt they were worse off. Today, 21 percent say they are better and 34 percent say worse. In January, the (Standard & Poor's 500 index) was in the midst of a positive run, which did not slow until March. Long-term financial markets are based on the underlying economics of the asset. Short-term markets are more symptomatic of the emotional temperature of investors. In January we were feeling positive. Today our emotional temperature is negative and erratic. It's a great time to take inventory of personal goals, cash flow and overall finances. You can't control outside yourself, so focus on what you can control. Update your financial plan so you stay on target.

- Mackey McNeill, CPA, president and CEO of Mackey Advisors in Covington, Ky.

« Back to the Financial Security Index poll.

 

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