The Country Financial Security Index fell one point to 63.7 in June on low retirement confidence. Just over half of Americans feel they’ll have enough assets for a secure retirement, the lowest percentage since the first Country Index in February 2007.
“With the slow-to-recovery economy, rising food and gas prices and discussions over government entitlement programs, concern over retirement is understandable," Keith Brannan, vice president of financial security planning at Country Financial, said in a press release. "If you're feeling uncertain, reassess any long-term financial plans and identify potential cracks in your retirement nest egg."
Further depressing the Index were concerns over savings and overall financial security. Forty-five percent of Americans said they were able to save in June, down three points from April. Thirty-seven percent rated theirfinancial situation as positive, down one point from April.
Women were slightly more confident than men; 53% said they were confident about their retirement, compared with 49% of men, and 78% said they could pay debts as they come due, compared with 75% of men.
While Americans are largely pessimistic about their retirement, 58% say they are confident that they will be able to send their kids to college, up two points.
Country Financial is a financial services provider based in Bloomington, Ill. The bi-monthly Index is compiled by Rasmussen Reports, based on a national telephone survey of at least 3,000 Americans.