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Greg McBride

Greg McBride: The financial clouds break

By Greg McBride · Bankrate.com
Tuesday, December 15, 2015
Posted: 6 am ET

Has it seemed to you that things are looking brighter? Americans fell into a financial funk over the summer months, but more recently their sense of financial security has rebounded to a 5-month high.

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Feeling better -- even about savings

Bankrate's Financial Security Index has hit the highest level since June, with Americans noting improvement over the past year on job security, comfort level with debt, net worth, and overall financial situation.

In what may prove to be a turning point, Americans' comfort level with savings reached a break-even point for the very first time, with an equal percentage in the November survey  feeling more comfortable as those feeling less comfortable. This snaps a streak of downbeat readings that had prevailed every month since the poll debuted in December 2010.

Who feels most secure about savings?

People at the highest income levels felt most upbeat about what they're putting away. Nearly a third of respondents earning more than $75,000 per year said they're feeling more comfortable with their savings.

But millennials remain the only age group to feel more comfortable with their savings than one year ago. And millennials who are more comfortable with their debt outnumber those who are less comfortable by nearly 2-to-1, while other age groups are more evenly split.

Feelings of job security are divided by age, with those under age 50 feeling more secure in their jobs. Those age 50 and up feel less secure.

 

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