A monthly survey provided through Bankrate.com surveys U.S. residents on six questions that are designed to gauge their perception regarding their financial security vis-à-vis one year earlier. The February survey encompassed 1,004 adults and was conducted by Princeton Survey Research Associates. The February survey resulted in an index score of 96.8 — 1.8 points lower than in January. (The survey has a margin of error of plus or minus 3.5 percent).
Among the notable highlights from the report are the following:
1) Although a tenant of sound financial planning is to ensure one has a higher total in savings and/or an “emergency fund” than they have in credit card debt, the survey discovered that just 55% of those surveyed have more in savings than credit card debt.
- Within that total, 60% of the men surveyed have more savings than credit card debt.
- Among parents with kids less than 18 years of age, 29% have more debt than savings; the comparable figure for parents without young kids is 21%.
- Not surprisingly, among those earning less than $30,000, only 41% hold more savings than card debt.
2) Fifty-nine percent of those surveyed indicated they feel “more secure” about their job than twelve months before.
- 18% of those questioned feel “more secure” about employment.
- However, 21% of southerners feel “more secure”, while just 12% of those in the Midwest feel the same way!
- 23% of people surveyed feel “less secure”
- However, only 20% of Democrats feel “less secure” while fully 34% of Republicans feel that same way.
3) Almost half of respondents feel “about the same” regarding their overall financial situation (when compared with 12 months prior).
- 23% of those surveyed feel “better off today”
- 33% of college grads felt the same way, versus just 19% of those without a degree
- 28% of respondents reported feeling “worse today”
- 37% of Republicans felt “worse” versus just 20% of Democrats feeling that way.
The full report can be found at: http://www.bankrate.com/finance/consumer-index/financial-security-charts-0213.aspx