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Financial Security Declines in America

Photo of Jon C. Ogg
By Jon C. Ogg Updated Published

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Bankrate.com (NYSE: RATE) is out with a report showing a significant drop in financial security of Americans. Unfortunately, this drop is the largest in 11 months. To make matters worse, the drop was in all components of the index: job security, savings, debt, net worth and overall financial situation. The overall Financial Security Index dropped from 100.8 in June to 97.9 in July. A reading of 100 would indicate the same level of financial security as one year ago.

The report shows that 28% of Americans believe that their overall financial situation is lower now than one year ago, and only 23% of Americans now feel better about their overall financial situation.

Another big drop was that 39% of Americans are now less comfortable with their savings compared to last year, with only 16% saying they feel better about their savings.

Only 60% of Americans now track their monthly spending against a budget, versus 58% a year ago. If the government cannot adhere to a budget, can they expect the public to do so?

JON C. OGG

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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