With investors slammed by the financial meltdown and the unemployment rate nearing 10% nationally, many Americans have put savings on the backburner in the past couple of years, but a new report by First Command Financial Services Inc. said Americans turned over a new leaf in the fourth quarter, increasing savings and slashing debt.
According to the First Command Financial Behaviors Index, which was released Tuesday, the number of middle-class consumers with a positive savings-to-debt ratio, or total savings compared to total debt, increased to 42% in December, the highest level since the index was launched in May 2008. In addition, the percentage of survey respondents with a positive savings-to-debt ratio rose to 55% among families with a financial planner, an 11-point increase since July.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access