Benefits January 24, 2011

Many Still Feel Savings are Insufficient

January 24, 2011 (PLANSPONSOR.com) – Bankrate’s January Financial Security Index poll finds many Americans still feel less comfortable with their finances now than they did 12 months ago.
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According to a press release, twice as many people feel less comfortable about their savings level than those who feel better: 38% versus 19%. Age appears to impact overall financial security, with one of every three respondents over 50 believing they are worse off while only 15% of people younger than 30 feel that way.  

Only 10% of people between ages 50 and 64 feel more secure about their job while 29% feel less secure. 

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The survey also found 31% of workers with incomes less than $30,000 feel least comfortable with their debt loads. Those who earn more than $75,000 are not far behind, with 17% feeling less comfortable with their debt.   

The press release said more than three quarters (78%) of respondenst spent either less than or nearly equal to what they expected to spend during their holiday shopping.  

Bankrate’s Financial Security Index results are based on telephone interviews with a nationally representative sample of 1,018 adults, ages 18 and older. The interviews were conducted from January 6 to Janurary 9, 2011, by Princeton Survey Research Associates International.  

Full results are here.

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