Americans Set Eyes on Savings After Rocky 2011
starting the new year with the goal of getting their savings into
shape. According to a new COUNTRY Financial survey, this goal has its
challenges as 68 percent say their incomes have not grown, while 71
percent report their expenses have.
When it comes to savings, nearly one in four (24 percent) were able to
set aside enough money to go five or more months without a paycheck
and still pay their bills. Even so, one in three say they could not go
any amount of time without a paycheck before resorting to skipping
bill payments.
As a result, many Americans may have focused their income on meeting
more immediate expenses. Only five percent say the economic downturn
caused their mortgage or rent payments to suffer. Just 14 percent
report their ability to pay debts was affected.
A lack of reserves might be why nearly half of Americans are worried
about meeting fiscal obligations this year.
— Nearly one in three (30 percent) say their personal savings and
investments have suffered the most due to the economic downturn.
— Savings for retirement was the second most affected area (25
percent).
However, Americans are now focused on saving for the future. According
to a December COUNTRY Financial survey, they identified personal and
retirement savings as financial priorities to work on in 2012.
"Years of rising expenses and stagnant income understandably make it
difficult to save and plan for the future," says
president of financial security planning. "The good news is Americans
are planning to address their long-term retirement goals and rebuild
their savings."
For planning tips and ways to improve your budget, watch an exclusive
video interview with Brannan at http://www.countryfinancialsecurityindex.com.
For tips on easy ways to save, visit the COUNTRY blog at
http://www.mynameiscountry.com.
Savings matters, no matter your age
Although Americans have different fiscal concerns for 2012, some are
more optimistic than others.
— Gen Y: Only 40 percent are worried about meeting financial
obligations. Still, thirty-one percent of 18-29 year olds say their
personal savings and investments were the hardest hit.
— Gen X: Half (50 percent) of 30-39 year olds and 31 percent of 40-49
year olds say they could not go any amount of time between jobs and
still pay their bills.
— Baby Boomers: Thirty-seven percent of those nearing retirement age
(50-64) say their retirement savings have suffered most.
— Retirees: For those most likely in retirement (65 or older), 41
percent claim their personal savings and investments suffered most.
However, they are the least worried about fulfilling their fiscal
obligations (38 percent).
"Now is the time to buckle down and revisit your financial plan," adds
Brannan. "If you don't have one, your
to create a tangible plan you can follow to navigate this economic
environment."
The COUNTRY survey on savings is based on a national telephone survey
of 3,000 Americans and is compiled by
(http://www.rasmussenreports.com), an independent research firm.
About COUNTRY
COUNTRY Financial (http://www.countryfinancial.com) serves about one
million households and businesses throughout
offers a full range of financial products and services from auto, home
and life insurance to retirement planning services, investment
management and annuities.
SOURCE COUNTRY Financial
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/CONTACT:
/Web Site: http://www.countryfinancial.com
CO: COUNTRY Financial
ST:
IN: FIN
SU: ACC ECO SVY
PRN
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| Copyright: | (c) 2012 The Associated Press |
| Source: | Associated Press |
| Wordcount: | 599 |
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