smart spending

Americans' feelings on financial security

When did you last visit a bank branch? In a nationwide consumer poll, found that 3 in 10 Americans haven't visited a bank or credit union branch in at least six months. But half of Americans have visited a branch to conduct personal financial business within the past 30 days.

There was some variation among different age groups, but it was not as wide as expected. Among those under age 30, 42 percent have been to a branch within the past 30 days, compared with 52 percent of those over age 50. And it may surprise you that 1 in 5 retirees have not visited a branch in more than a year.

While the number and location of bank branches, as well as their functionality, will continue to evolve, clearly they're not going away.

The Financial Security Index clocked in at 102.2 in March, up from 99.3 last month. Any reading above 100 indicates higher financial security than the previous year. This is the third highest reading since the Financial Security Index began in December 2010.

For the third consecutive month, all components except savings indicated improvement from one year ago. Americans who note an improved overall financial situation outnumber those whose financial situations have deteriorated by a 3-to-2 margin.

For more information on this month's Financial Security Index, just visit I'm Greg McBride.


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