Filed Under:Life Insurance, Life Planning Strategies

Country Financial Survey Points to Lack of Savings

One in three American have no financial reserves, according to a new report.

The report says that nearly one in four Americans (24%) were able to set aside enough money to go five or more months without a paycheck and still pay their bills. However, one in three say they could not go any amount of time without a paycheck before resorting to skipping bill payments.

Country Financial, Bloomington, Ill., published this finding in a summary of results from a new survey on savings. The report is based on a national telephone survey of 3,000 Americans and is compiled by Rasmussen Reports, LLC (www.rasmussenreports.com), an independent research firm.

According to the survey, 68% of Americans say their incomes have not grown. And 71% report their expenses have.

As a result, many Americans may have focused their income on meeting more immediate expenses. Only five percent say the economic downturn caused their mortgage or rent payments to suffer. Just 14% report their ability to pay debts was affected.

Among the report’s other findings:

  • Nearly one in three (30%) say their personal savings and investments have suffered the most due to the economic downturn.
  • Savings for retirement was the second most affected area (25%).
  • Gen Y: Only 40% are worried about meeting financial obligations.
  • 31% of 18-29 year olds say their personal savings and investments were the hardest hit.
  • Gen X: Half (50%) of 30-39 year olds and 31% of 40-49 year olds say they could not go any amount of time between jobs and still pay their bills.
  • Baby Boomers: Thirty-seven percent of those nearing retirement age (50-64) say their retirement savings have suffered most.
  • Retirees: For those most likely in retirement (65 or older), 41% claim their personal savings and investments suffered most. However, they are the least worried about fulfilling their fiscal obligations (38%)
Top Sales and Marketing Ideas - 2014

Special Feature

2014 100 Best Sales & Marketing Ideas

There are a million ways to sell an insurance product, and any one of them may work depending on your target market, your product lineup and your own unique skill set.

Explore Now
More Resources

Comments

Close

Advertisement. Closing in 15 seconds.