An indicator of Americans’ financial security dipped in June, according to a new report.
The Country Financial Security Index, published by Country Financial, Bloomington, Illinois, fell to 65.1 points in June. That’s down 1.1 points from April, but up 1.4 points from the year-ago period.
The COUNTRY Financial Security Index is a bi-monthly measure of Americans’ sentiments respecting their financial security. The index aggregates factors comprising financial security, including savings and investments, financial planning, retirement, education and asset protection.
The survey notes that Americans’ confidence decreased in nearly all aspects of financial security this month, especially in long-term financial obligations. Among the report’s findings:
● Just 54% of respondents say they will have the financial resources to send their children to college, down seven points from April. The percentage is at its lowest level since August 2010.
● Those confident in their ability to retire comfortably dipped three points to 54% from 57% in April. But the finding remains higher than the 51% of respondents who expressed confidence in June of 2011.
Americans’ ability to save dropped two points to 51% from 53% in April. But the percentage remains above the 45% recorded in June of 2011.
However, Americans who indicated an ability to pay off debts as they come due rose slightly to 80% from 79%.