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Americans Still Nervous About Economy

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Americans Still Nervous About EconomyDespite 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.”

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