Editor’s note: This is a transcript of the audio file.
Americans are showing their first indications of improving financial security. But will it last? I’m Kristin Arnold with the Bankrate.com Personal Finance Minute.
Bankrate.com found that, relative to one year ago, consumers feel their financial security has improved. Greg McBride, senior financial analyst with Bankrate.com, explains.
“Consumers are feeling better about their job security, debt, net worth and overall financial situations. Savings is the lone sore spot, with those that are less comfortable with their savings outnumbering those more comfortable by a margin of more than 2-to-1.“
With the economy expanding again, consumers seem to be benefiting. Are there any risks on the horizon?
“High gasoline prices are still squeezing consumers, particularly when their incomes have been flat. 59% of Americans say they’ve cut back on spending since the beginning of the year, specifically due to high gasoline prices.”
A continued decline in oil prices should give consumers some much-needed relief at the pump. Thanks Greg. And for more information, log onto our website, Bankrate.com. I’m Kristin Arnold.