retirement

Financial security down?

 

 

[Begin VIDEO with Kristin Arnold, Bankrate.com anchor introducing the video topic]

Kristin: August has been an eventful month in the financial arena, with a stock market correction, credit rating downgrade, and worries about a recession. How did this impact consumers and their feelings of financial security? Here with details is Greg McBride, senior financial analyst at Bankrate.com.

[Cut to a double screen of Kristin Arnold and Greg McBride]

Kristin: Greg, what did consumers say about their feelings of financial security this month?

Greg: It wasn't pretty. Feelings of job security, savings, net worth and overall financial situations hit their low points of the year. More than 1 in 3 Americans, 35 percent, say their overall financial situation is worse now than it was 12 months ago, including 41 percent senior citizens who feel that way.

Kristin: Bankrate.com also asked Americans about how their retirement contributions compare to last year. What did you find?

Greg: Americans may be saving more money but they're not funneling that difference into their retirement accounts. By almost a 2 to 1 margin, Americans are saving less for retirement than they were last year. Twenty nine percent of Americans say they are contributing toward their retirement accounts. Relative to 2010, only 15 percent are saving more than last year.

[Cut to one shot of Kristin on camera]

Tag: Some disappointing news ... but thank you anyway, Greg. To read more on Bankrate.com's August Financial Security Index…just log on to our website. I'm Kristin Arnold.

« Back to the August 2011 Financial Security Index.

 

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