Despite some recent good news about the economy, including improved savings rates and some stabilization of the housing markets, Americans are still pessimistic about their futures, according to a new study by Country Financial Security Index.
“Though people are still uncertain about the economy, they are still able to put aside some savings for short-term debt and long-term planning,” says Keith Brennan, vice president of financial planning for Country, an investment planning company.
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According to the survey, the number of people who said they felt “excellent” about their overall financial security dropped from 10.7% of respondents in February to 8.6% in April. Only 19.5% of respondents said they felt “very likely” to be able to save enough money for a comfortable retirement, down from 21.2% in February.
“The place they’re not as confident now is in the their long-term ability to retire,” Brennan says.
The results varied by race. Among African-Americans, only 6.6% said they have an “excellent” level of financial security and 27% said they have a “good” level. That compares to 9% of Caucasians with “excellent” stability and 30.7% with “good.”