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Survey Finds 45% of Adults Feel Less Financially Secure Than One Year Ago
According to
CouponCabin’s first "Savings and Spending Report," 45% of U.S. adults said they
feel less financially secure than they did one year ago, with 16% saying they
always worry about money.
Adults with higher incomes are also feeling the economic
pinch, as nearly four-in-10 (39%) with household incomes of more
than $75,000 per year said they feel less financially secure than
they did one year ago.
“Regardless of socioeconomic status, many
consumers are still feeling the aftershocks of the past recession,”
said Jackie Warrick, President and Chief Savings Officer at CouponCabin.com.
“With the lessons of the past few years fresh in their minds, it’s
important now more than ever for consumers to be financially savvy. Even though
current conditions are tough, it’s time to go back to the basics of budgeting,
saving, and planning for the future to ensure financial stability.”
A variety of different hurdles are contributing to
financial insecurity among U.S. adults. When asked why they don’t feel
financially secure, respondents said the following:
• Live paycheck
to paycheck – 59%
• Underpaid at
my current job – 41%
• Unexpected
expenses always pop up – 40%
• Can’t keep up
with my bills – 35%
• Debt like
student loans and car payments – 32%
• Credit card
debt – 26%
• The recent
stock market ups and downs – 21%
• Amount owed
on mortgage – 16%
It's one of the basic fundamentals of being
financially secure, yet many U.S. adults said that they put very little money
away in savings each month. Nearly half (47%) of survey respondents said they don't put anything into
savings each month, while one-in-10 (11%) put away less than $100. On the
flip side, nearly one-in-five (19%) report they save $400 or more
each month.
For those with household incomes of more
than $75,000 per year, they too have trouble earmarking money for the
future. Twenty-nine percent of those adults said they don't put anything into
savings each month.
The six-month emergency fund, which CouponCabin says is
necessary money put aside for six months of living expenses, is another savings
difficulty for most U.S. adults. More than half (52%) of U.S. adults said they
don't have such a fund, while 40% of those with household incomes of more than $75,000 said
the same.
When times get tough, some adults report they tap into
their long-term savings plans to get by. More than one-in-10 (12%) said they
have taken money out of their 401(k) in the last year to get by, while 15% said
they have reduced their 401(k) contributions.
This survey was conducted online nationwide by Harris
Interactive on behalf of CouponCabin.com from August 17-19,
2011, among 2,210 U.S. adults age 18 and older.