How do you feel about the amount of money you have in savings compared to 12 months ago?
- The number of people less comfortable with their savings dropped significantly from April's 42 percent.
- The number of people more comfortable with their savings rose only slightly from April's 14 percent.
- Respondents aged 50 to 64 years old were most likely to be less comfortable with their savings, at 41 percent.
People think, 'If I lost my job, things wouldn't go so well.'
Tyler Bartlett, CFP
Merriman Capital Management, Seattle
With the number of people who don't have jobs, there is always the immediate fear and impact of that to somebody's finances. If people are fully employed, there is the fear of losing their job because they think, 'Wow, I don't have enough saved; if I lost my job things wouldn't go so well.' And I think there is a bigger thing. It is hoped people are starting to see the reality of what it is going to cost to retire. As they are coming upon this realization of what it is going to cost to retire they are starting to realize that their savings are inadequate.
Financial fix-its
- Set clear goals to score higher savings
- 5 little cuts that yield big savings
- A calculator to help you hit savings targets
- Don't wait for retirement to save for it
- CDs: Safekeeping for your savings
- Get higher interest on your savings
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