The U.S. economy seems to be positioned relatively well compared to many top European and emerging market economies, but the situation is far from comfortable around the world. In this time of global economic uncertainty, the results of Bankrate’s new financial security survey seem appropriately mixed. Several numbers indicate cause for optimism, while others reveal worrisome trends.
General Trends
Bankrate’s Financial Security Index (FSI), which incorporates Americans’ savings, job security, debt levels and other factors, currently stands at 103, up from 101.5 in January and 101.1 in December. Not only is U.S. unemployment of 4.9% at an eight-year low, the survey revealed that many Americans consider themselves in a better financial situation than they were just a year ago.
While 21% of those surveyed revealed that they are currently worse-off financially than they were 12 months ago, 30% say they are better-off and 48% say they are about the same.
Unfortunately, the survey also revealed that higher earners are witnessing much more financial improvement than lower earners. In terms of household income, 39% of households earning more than $75,000 per year saw an improvement to their financial situation in the past year compared to only 23% of households earning less than $30,000.
Emergency Savings
One disturbing trend that the survey revealed is…
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