The December Financial Security Index released Tuesday by Bloomington, Ill.-based COUNTRY Financial found that although Americans are uncertain about their financial future in 2011, they are optimistic about their current situation. Currently, the Index stands at 64.1, a 0.3 point slip from the October Index.
Fifteen percent of respondents said their financial security is improving, up from 13% in October. The survey noted this is the largest number of people to express such confidence all year. Furthermore, 38% rated their financial security positively, up three points from October.
While respondents are generally optimistic about their current situation, the percentage of respondents who said they were able to save money in the last two months fell slightly from 45% in October to 44% in December. The decline is especially pronounced among 30-39-year-old respondents; 45% that age group said they set aside money for savings or investments, compared with 50% in October. The fall among 18-29-year-olds was not as severe, dropping five percentage points to 33%.
Keith Brannan, vice president of financial security planning for COUNTRY Financial, noted in a press release that one possible explanation for the slip in savings is holiday spending.