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Shopper's Market: Why Americans feel bad about their savings
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Description
Financial analyst breaks down survey results
- Duration 1:37
- Date Sep 21, 2012
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Transcript
This transcript is automatically generated
Americans are rock bottom when it comes to feeling good about their bank accounts with confidence levels falling to the lowest in nine months.
That's according to the latest survey by Bankrate dot com.
Greg McBride is the senior financial analyst for -- He says a lousy jobs report at the beginning of September to -- on how consumers feel about their financial well being.
And it was just with regard to their job security we saw this undermine their feelings savings.
Debt Bankrate report shows 38% of Americans feel less comfortable with their savings than they did a year ago.
29%.
Said their over all financial situation is worse and 25%.
Are less comfortable what -- debt load.
McBride says savings -- been the Achilles heel of financial security.
All along.
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.
Short term savings are what most folks are really worried about.
We found just a few months ago 28% of Americans don't have any emergency savings at all so it goes just goes to show how few people actually have adequate savings and can actually feel good about it.
There is a silver lining though.
McBride says net worth is the one area people point to as actually having improved in the past twelve months I chalk that up to two factors one home prices stabilized many parts of the country.
He and stock market now at a five year high the bank rate survey shows people entering retirement age feel the worst about their financial situation.
In New York Brenda Buttner Fox News.
