A barrage of dour economic reports, the recent market correction, the U.S. credit downgrade, job insecurity and lower individual net worth pulled the Bankrate Financial Security Index down to 92.3.
Thirty percent of Americans say they have lower net worth than a year ago; only 20% say it is higher. Twenty-nine percent are saving less for retirement than a year ago, according to the index, which is based on a survey of 1,001 adults in the first week of August.
Additionally, 47% are less comfortable with their savings now than they were a year ago, and more than half of those age 50 or older are less comfortable with their savings.
Thirty-five percent say their financial situation is worse than 12 months ago. For senior citizens, 41% say it is worse.
One-third of Americans between the ages of 30 and 64 feel less secure in their jobs than 12 months ago.
“Recent volatility has consumers nervous,” said Greg McBride, senior financial analyst for Bankrate.
