NORTH PALM BEACH, Fla. (7/27/15)--Adults in the U.S. remain positive about their personal financial security, even though they are less confident in their jobs, according to Bankrate’s Financial Security Index for July (Bankrate.com July 15).
Its monthly index was 102.1 for July, remaining in positive territory for the 14th month. However, July’s reading was 2.3% lower than in June, largely due to a decline in job security, said the North Palm Beach, Fla.-based company. A reading above 100 indicates improved financial security over the past 12 months.
Overall, 29% of responding adults said their financial situation was better than 12 months ago. That compares with 21% who said it was worse, and 50% who said their situation was about the same.
Twenty-two percent of adults surveyed said they felt “more secure” in their jobs, while 14% were “less secure.” That compares with June’s index figures of 29% and 9%, respectively.
When asked about their savings, 29% said they were “less comfortable” than they were a year ago, while 18% were “more comfortable.” College graduates, Republicans and people living in urban areas were more comfortable than people who never attended college, Democrats and rural residents.
Lower-income households earning less than $30,000 annually were more than twice as likely be less comfortable about their debt than households earning at least $75,000. Midwesterners were more comfortable than Northeasterners. Nearly one-third (32%) of full-time workers were more comfortable, compared with 18% of unemployed respondents.
Net worth was higher for college graduates, men and people living in the West, when compared with those without a college education, women or people in the South.
The survey was conducted July 9-12 with 1,000 adults in the United States by Princeton Survey Research Associates.