As Americans ride out the recession, most say the New Year will not ring in positive change for their personal finances. According to a survey conducted in connection with this month's COUNTRY Financial Security Index(SM), one in three (33 percent) think 2009 will be worse for them financially than 2008, and another 27 percent can't see things getting any better than they are now.

Americans' gloomy predictions come as their financial security sentiments dropped to their lowest point since the COUNTRY Index began in February 2007. The reading tumbled 1.5 points in December to 67.3 as Americans grew more pessimistic about nearly all measures comprising their financial security.

"Because of the continuing economic slump, it is more important than ever before to create, review and update a tangible plan for their family," says Keith Brannan, vice president of Financial Security Planning for COUNTRY Financial. "Having a plan will help get you from where you are now to where you would like to be financially. Despite the troubled economy, financial security is still possible for most."

In fact, some are making changes to their finances to help them achieve financial security. Of those who expect to receive a year end bonus, more people (33 percent) say they will use the money for savings or investments than did in 2007 (22 percent).

Financial security measures hit record low

- The number of Americans rating their personal level of financial security as excellent or good (44 percent) and those able to set aside money for savings or investments (51 percent) both dropped in December to their lowest levels since the COUNTRY Index began.

- Americans grew more pessimistic about saving for retirement and college in December, as those confident in their ability to have a comfortable retirement (58 percent) and send their children to college(62 percent) dropped to their lowest point yet.

Confidence in asset protection and debt shows silver lining

- Despite the increasing economic pressures, Americans' confidence in their ability to pay debts (79 percent) and adequately protect their house, car and possessions (85 percent) have remained relatively stable.

"It is encouraging that people remain relatively confident in their ability to protect their assets," adds Brannan. "People often think financial security is only investments or savings, however it is also about safeguarding what you've already achieved and are enjoying including your home, property and income."

2008 COUNTRY Financial Security Index in Review

- 2008 Index Average: 68.6 (compared to 69.2 in 2007)
- 2008 Index High: August (69.9)
- 2008 Index Low: December (67.3)

In 2007, retirement planning was among the most stable measures throughout the year. However, confidence in retirement along with the ability to send children to college fluctuated the most throughout 2008. The aspects showing the most stability in 2008 were confidence in the ability to protect assets and pay debts.