For the first time in more than a year, more Americans are feeling confident about their financial security. The COUNTRY Financial Security Index(r) jumped 3.6 points in October, marking the largest single shift in sentiment since the measure began in February 2007.

"It is very encouraging to see people feeling better about their finances. This is especially true when you consider that the economy has not yet experienced a full recovery," says Keith Brannan, vice president of Financial Security Planning at COUNTRY. "Many things have changed in our economic lives. Now that we are beginning to experience a little optimism, we want to be sure we put the recent lessons of this recession to good use. Everyone needs to be reviewing their plans to ensure that steps taken in the short term will lead to your long-term goals."

Short-term outlook improves

The COUNTRY Index's short-term component registered 20 in October versus -2 in August. The short-term component measures Americans' sentiments about their near-term finances. In addition, 41 percent rated their overall financial situation as excellent or good and 47 percent were able to set aside money for savings or investments, both up six points from August to their highest point since December 2008.

Renewed confidence in long-term finances

- There was a 14-point increase to 66 percent in the number of Americans confident they will have the financial resources to send their children to college, marking the most to feel confident in education funding since August 2008.

- Fifty-nine percent are confident they will have the money to enjoy a comfortable retirement, up seven points since August and the highest level of confidence since February.

Younger Americans more optimistic

Younger age groups experienced a much larger surge of confidence in their money matters than older Americans did in October. Since August there was a 14-point jump among 18-29 year olds and a 12-point increase among those in their 30s who rate their financial situation as excellent or good. In contrast, the number of those in their 40s rating their situation positively dropped one point.

"It is understandable why those nearing retirement age are not experiencing the same boost in confidence, since they have less time to recover from set-backs experienced in the recession," adds Brannan. "This recession is a lesson for all of us that financial security needs change at different stages of life, and we should periodically update our plans as those needs change."