NEW YORK, Oct. 31, 2011 /PRNewswire/ -- Bankrate.com's
(NYSE: RATE) Financial Security Index slumped in October, falling
to 92.8 from 93.9, and is now at its second-lowest level of the
year. Any reading below 100 indicates feelings of less financial
security relative to 12 months ago.
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"The weak economy, ailing housing sector and volatile stock
market continue to undercut consumers' feelings of financial
security," said Greg McBride, CFA,
senior financial analyst for Bankrate.com. "Americans' feelings
about their savings, debt and net worth continue to erode."
Overall Financial Situation
- Merely 17% of Americans report their overall financial
situation is better today than 12 months ago, a new low.
Savings
- Just 11% of Americans are more comfortable with their savings
now compared to one year ago, a new low.
Debt
- Only 20% of Americans are more comfortable with their debt now
compared to 12 months ago, a figure that has dropped every month
since June.
Net Worth
- 19% of Americans report higher net worth than one year ago,
while 30% report lower net worth.
Older Americans Hit Hard
- 31% of Americans between ages 50 and 64 feel less secure in
their jobs now compared to 12 months ago.
- 56% of those between ages 50 and 64 feel less comfortable with
their savings today compared to 12 months ago, and only 5% are more
comfortable.
- 38% of retirees say their overall financial situation is worse
now than 12 months ago, with only 7% saying it is better.
Tipping Behavior
- 70% of Americans' tipping habits are unchanged despite the
current economic situation (16% tip less and 9% tip more). 24% of
the lowest income households are tipping less.
The new study was conducted by Princeton Survey Research
Associates International (PSRAI) and can be seen in its entirety
here:
http://www.bankrate.com/finance/consumer-index/oct-2011-financial-security-poll.aspx.
The PSRAI October 2011 Omnibus
Week 1 obtained telephone interviews with a nationally
representative sample of 1,000 adults living in the continental
United States. Telephone
interviews were conducted by landline (600) and cell phone (400,
including 184 without a landline phone). Interviews were done in
English by Princeton Data Source from October 6-9, 2011. Statistical results are
weighted to correct known demographic discrepancies. The margin of
sampling error for the complete set of weighted data is plus or
minus 3.7 percentage points.
About Bankrate, Inc.
The Bankrate network of companies includes Bankrate.com,
Interest.com, Mortgage-calc.com, Nationwide Card Services,
InsureMe, CreditCardGuide.com, Bankaholic, CreditCards.com and
NetQuote. Each of these businesses helps consumers to make informed
decisions about their personal finance matters. The company's
flagship brand, Bankrate.com is a destination site of personal
finance channels, including banking, investing, taxes, debt
management and college finance. Bankrate.com is the leading
aggregator of rates and other information on more than 300
financial products, including mortgages, credit cards, new and used
auto loans, money market accounts and CDs, checking and ATM fees,
home equity loans and online banking fees. Bankrate.com reviews
more than 4,800 financial institutions in 575 markets in 50 states.
Bankrate.com provides financial applications and information to a
network of more than 75 partners, including Yahoo! (Nasdaq: YHOO),
America Online (NYSE: AOL), The
Wall Street Journal and The New York
Times (NYSE: NYT). Bankrate.com's information is also
distributed through more than 500 newspapers.
Ted Rossman
Public Relations Manager
Bankrate, Inc.
ted.rossman@bankrate.com
(917) 368-8635
SOURCE Bankrate, Inc.