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Data & Research August 31, 2011
Americans Feel Less Financially Secure Than in '08
The latest Citibank Economic Pulse survey found that three years after
the downturn began, 44% of Americans feel less financially secure now
than they did at the start of the economic downturn in 2008.
Reported by Rebecca Moore
Only 10% of consumers reported feeling more financially secure, while 45% reported feeling about the same.
In addition, the survey found 28% of respondents are concerned about the cost of health care, and 21% are concerned about the security of their retirement accounts. To address their concerns, 30% have changed living arrangements in order to save money, 24% are doing jobs now that they would not have chosen in a better economy, and 24% have decided to postpone retirement.
A Citibank news release said the top factor cited for financial security today is staying healthy (45%), followed closely by having a secure job (41%). Slightly more than three in ten Americans (32%) cited avoiding debt, but other factors such as having an emergency fund (17%), owning your own home (16%), and having a college degree (15%) were noted.
When it comes to staying financially secure in today’s economy, nearly a third of Americans (32%) believe that being their own boss is best. Working for a large corporation (24%) and the federal government (21%) are also viewed as safer employment options than working for a small business (17%) or for a state or local government (15%).
In Citibank’s quarterly surveys, the percentage of consumers who believe things are forever changed has steadily increased from 51% in September 2010 to 52% in January 2011, 54% in April 2011, and 57% today.