Ill. Country Financial Says Americans at Odds on Financial Security Issues

Americans have mixed feelings about their personal level of financial security, according to Country Financial Security’s Index which registered an inaugural reading of 70.2 in February.

Bloomington, Ill-based Country Financial recently released its Index that surveys 3,000 Americans every other month and records the relative financial security of respondents on a scale of 0-100 with 100 indicating the highest level of security. The latest Index of 70.2 indicates people are split when it comes to their own financial situation. Americans are confident, but they worry.

Some of the results are that:

Half rate their overall level of financial security as excellent or good. Yet, 41 percent say they have not been able to set aside money for savings or investments recently.

84 percent are confident their house, car and possessions are adequately insured. Yet one-third are not confident their family will be able to live comfortably if they died or were disabled.

67 percent expect to have the resources needed to send children in their care to college. However, one-in-five Americans do not feel
confident they will be able to pay all their debts as they come due.

“In the midst of increasing debt, a negative savings rate and concerns about the viability of Social Security, the Country Index presents a somewhat encouraging picture,” says Keith Brannan, director of the Financial Security Office at Country. “It shows the nation as a whole doesn’t feel it is in dire financial security straits, but there is room for improvement.”

Individuals can learn more and compare their own results with the national COUNTRY Financial Security Index by visiting http://www.countryfinancialsecurityindex.com/ .

The next Country Financial Security Index will be released on April 17 and subsequently every other month.

The Country Financial Security Index is a bi-monthly measure of Americans’ sentiments toward their overall financial security. It is an aggregate of various factors comprising financial security including savings and investments, financial planning, retirement, education and asset protection.

Source: Country Insurance & Financial Services