How do you feel about the amount of money you have in savings compared to 12 months ago?
- A whopping 84 percent of Americans feel less comfortable or about the same as they did last year about their savings levels.
- One out of 4 people younger than 30 feel more comfortable with their savings relative to last year, while less than 10 percent of those older than 50 feel the same.
- Fewer college grads say they are less comfortable with their savings compared to their less-educated brethren.
Nothing works against uncertainty in your own mind like having a bunch of cash in the bank.
Wayne Copelin, CFP
President of Copelin Financial Advisors in Sugar Land, Texas
Some people probably do have less money in savings. For instance, they may have lost jobs or had pay cuts, or maybe their spouse lost their job. But I imagine that many have the same amount of money in savings either as a dollar amount or percentage of household income but are feeling uncomfortable because of uncertainty. Things are so uncertain politically and economically. From a practical point of view, nothing works against uncertainty in your own mind like having a bunch of cash in the bank.
Financial fix-its
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- 10 sweet savings tips for 2011
- Compound interest calculator
- 8 ways to accelerate retirement savings
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