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Will improved financial security last?

 

Kristin's intro: Americans are showing their first indications of improving financial security. In the monthly Financial Security Index, Bankrate.com found that, relative to one year ago, consumers feel their financial security has actually improved. But will it last? Here with some insight is Greg McBride, senior financial analyst at Bankrate.com.

So Greg, it's nice to see that for the first time since polling began in December 2010 that the attitudes of Americans are upbeat when it comes to financial security. In what areas are people feeling better?

Greg: Consumers are feeling better Kristin, and we see this in their feelings of job security, comfort level with debt, their net worth, and how they feel about their overall financial situations. Savings remains the lone sore spot, with those that are less comfortable with their savings outnumbering those that are more comfortable by a margin of more than 2-to-1.

Kristin: The economy is expanding and consumers seem to be benefiting. Are there any risks on the horizon?

Greg: Despite dropping a bit in recent weeks, high gasoline prices are still squeezing consumers, particularly when their incomes have been flat. Nearly 6-in-10 Americans -- 59 percent -- say they have cut back on spending since the beginning of the year, specifically due to high gasoline prices.

Kristin's close: Hopefully we'll see a continued decline in oil prices that gives consumers some much-needed relief at the pump. Thank you Greg. For more information on Bankrate.com's latest Financial Security Index poll, log onto our website, Bankrate.com. Thanks for watching. I'm Kristin Arnold.

 

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