Consumers continue to experience financial insecurity, study finds

Despite some preliminary indicators of a more favorable credit market, more hiring, decreasing consumer debt and other signs of an economic recovery, Americans are reporting feeling more financial insecurity than they did one year ago.

According to Bankrate’s Financial Security Index, about 1 of every 3 Americans feels that their overall financial situation is worse than it was one year ago. Roughly a quarter of participants felt that their net worth had decreased from one year ago and 23 percent felt more insecure about their job than they did in 2009, Fox Business reports.

One relatively positive finding of the study is that Americans’ sentiments about their debt have stabilized instead of getting significantly worse. Almost half of Americans reported feeling as comfortable with their debt as in 2009, and another 23 percent reported feeling more comfortable, according to the news source. The New York Federal Reserve recently found that consumer debt has significantly decreased since 2008, as Americans have slowly rebuilt their bad credit history and reorganized their household finances.

Related Post