You're watching...
Bankrate.com Senior Financial Analyst Greg McBride on consumer concerns about the overall economy and their own financial stability.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
Well in focus tonight your financial insecurities Americans are nearing rock bottom.
When it comes to feeling good about their bank accounts with confidence levels falling to the lowest level in nine months.
For more Greg McBride senior financial analyst for Bankrate dot com he joins me out.
Wasn't a surprising thing you do this study all the time month after month after month what did you not expect.
While the jobs report that lousy jobs report we -- at the beginning of the month really took a poll on how consumers feel about their financial security.
And it wasn't just with regard to their job security we saw this undermine their feelings savings.
Debt and even their overall financial such -- Dig into some of these numbers right now 38% of the folks said -- -- we feel less comfortable with our savings than we did a year ago.
29%.
Said -- my overall financial situation is worth.
Worse that is and 25% or less comfortable with their debt load.
I don't tell you I was surprised -- how innate negative these numbers war what does -- tell you about the frame of Americans -- -- -- yeah.
-- savings has been the Achilles heel of financial security all along -- by more than a 21 margin.
Month in month out people tell us their last comfortable to savings they have now than what they had a year ago and that's even when.
People have been putting more money away -- they realize they still have a long way to go.
-- this thing unhappy with their 401K in their stock and bond investments or is this Simon savings mechanisms -- and CDs on getting paid nothing for.
This is more your emergency -- the short term savings and we we found just a few months ago 28% of Americans don't have any emergency savings at all -- it goes just goes to show.
How few people actually have adequate savings in and actually feel good about it.
-- it's amazing is were more than two years out of this.
Every cut out of this recession -- recovery from 24 months or better 19% of folks told you -- they are less secure about their jobs today surprising.
Yes because we had been getting some positive readings on job security in the past few months and so.
We've gotten a couple lousy jobs reports disappointing that just were not adding enough jobs to really soak up all the unemployed people.
That seems to be resonating with people now because we have seen there's positive feelings now offset somewhat and now the sudden -- negative feelings about job security starting to creep back and Greg any ray of sunshine.
Yeah actually network was a positive thing it's the one area financial security than the past twelve months.
People point to is actually having improved and I chalk that up to two factors one home prices stabilized in many parts of the country.
And stock market now at a five year -- those two together I think that's feeding into that.
-- when you look at your 401K it's doing better and better and better you feel better about -- that's for sure.
-- thanks for coming in tonight fascinating stuff appreciate your time thank you --
