Americans continued to show concern about the state of the economy and their personal finances in August, according to a new survey that found feelings of financial security once again on the decline.
After increasing in April and then remaining stable in June, the Country Financial Security Index dropped 1.1 points to 63.7 in August. The latest Country Index reveals Americans may be shifting their focus to immediate financial obligations, with confidence in the ability to pay debt the only aspect to remain stable this month (76 percent).
When it comes to longer-term priorities, Americans grew increasingly more concerned. In fact, there was an eight-point drop to 54 percent in those confident they can send their children to college, and a four-point jump to 54 percent in those unable to set money aside for savings or investments.
While financial security sentiments have declined since June, Americans are more upbeat now than at this time last year. In August 2009, the Country Index hit its lowest level on record with just 35 percent rating their financial security as excellent or good. Currently 39 percent rate their financial situation positively.
While men remain more confident than women overall when it comes to their finances, since June women's confidence held steady and men's has taken a more dismal outlook. The number of men who rate their overall level of financial security as excellent or good dropped five points to 41 percent. Women, on the other hand, increased two points to 37 percent.
There was an eight-point drop to 55 percent in the number of men who believe they will enjoy a comfortable retirement. The number of women feeling this way increased one point to 51 percent.
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