Survey: Americans Less Concerned About Finances than in Early 2009

   

Posted: Mar 5, 2010

Consumers are slightly less concerned about the toll the recession has had on their personal finances than they were last year, according to the results of a recent survey by America Saves and the American Savings Education Council.

Seventy-one percent of respondents said they were concerned about their finances, down from last year's 77 percent. The number of Americans with a savings plan decreased from 62 to 55 percent from 2008 to 2010, according to the survey. The percentages of people with saving plans that allow for spending and those saving for retirement at work also decreased.

"These declining percentages may largely reflect job loss and other income reductions by some who now have more restricted savings options," said Stephen Brobeck, executive director of the Consumer Federation of America and a founder of America Saves.

The survey showed that 39 percent of respondents with income levels below $50,000 didn't have enough savings to cover emergencies. Seventy-seven percent of low-income households said they didn't have the savings required to maintain a desirable standard of living at retirement.

Banks and consumer advocates took actions recently to make it easier for Americans to open savings accounts, including lowering minimum balances on account and urging banks to eliminate fees associated with transferring money.