"It is understandable that Americans in their 30s are rattled about their finances during a volatile economy" says Keith Brannan, vice president of Financial Security Planning at COUNTRY Financial. "This group often struggles with several financial priorities. They could be buying a home, saving for their child's college, helping an aging parent and saving for their retirement all at the same time. A turbulent economy only makes it worse."
Americans' optimism drops to record lows
Nearly all aspects comprising the COUNTRY Index declined in April to their lowest level on record since the measure was launched in February 2007.
- The percentage of Americans rating their personal financial situation as excellent declined in April, dropping another point to just 13 percent.
- Those unable to set aside money for savings or investments rose two points to 45 percent.
- More than one in five (21 percent) are not confident in their ability to pay their debts as they come due, a one point increase since February.
Pessimism seeps into long-term goals
After holding relatively stable in recent months, Americans' optimism about long term goals is beginning to wane. Since February, those confident in their ability to save for a secure retirement dropped three points to 60 percent, and those confident their family would live comfortably if they died or were disabled dropped two points to 62 percent.
"Now is the perfect time to evaluate your financial security and make the necessary changes," adds Brannan. "Many Americans are starting to receive tax refunds and stimulus payments from the federal government. Using this money wisely, like paying down debt and long-term investing, will help anyone become more financially secure.
