Floridians Concerned About Their Personal Financial Condition

Against the backdrop of the worst economic slump in more than 30 years, more than 83 percent of Floridians are concerned about their money challenges and 43 percent don’t expect to be financially stronger a year from now – some of the key findings in a new poll, reflecting deep ongoing public concern.

The poll, released by a broad coalition of insurance, banking and consumer interests, is part of a new financial education initiative called Money Wise Florida. The program is sponsored by the Florida Association of Insurance Agents. The project also will include a 30-minute television special that will be broadcast statewide in 2010.

“This poll reflects the reality that so many Floridians are feeling a direct hit in these difficult economic times,” said Florida CFO Alex Sink. “Florida’s families are looking for useful information and education that will allow them to strengthen their financial futures and, in turn, help the overall financial future of our state.”

Among the markers of trouble, 38 percent of those polled say they have personally suffered a financial crisis in the past year, 73 percent know someone who lost their job, and 1 in 4 say their home is worth less than their mortgage.

All that translates into a population unwilling to make the kind of investments or purchases that could stimulate Florida’s economy.

Of those polled:

• 55% not confident investing in stocks, real estate, buying a new house or car
• 72% not confident about changing jobs, starting a business or running debt
• 47% will spend less on this holiday season
• 43% are most likely to cut going out to eat from their budget
• 21% most likely to cut out going to the movies

“More than a third of Floridians say they have suffered a personal financial crisis in the past year. Adequate insurance can help prevent a crisis,” said Bill Gunter, chairman of the Florida Association of Insurance Agents, which sponsored Money Wise Florida. “We hope Money Wise Florida will help Floridians arm themselves with information to make good financial decisions and come through these challenging economic times stronger.”

Topics Florida