Bankrate: Americans' Financial Security Rebounds to Highest Level Since June

NEW YORK, Dec.19, 2011 /PRNewswire/ -- Americans' feelings of financial security are at their highest level in six months, according to Bankrate.com's (NYSE: RATE) December Financial Security Index, which was released today. The overall index jumped 3.3 points to 95.8, the highest level since June's 97.8.

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Improvement was seen in every component of the index – job security, savings, debt, net worth and overall financial situation. The biggest improvement was in job security: those feeling less secure than a year ago fell from 28% to 18%, while 64% now feel the same level of job security, the highest recorded since polling began in Dec. 2010.

Despite the December improvement, the Financial Security Index is still below 100, which indicates that consumers are feeling less financially secure than one year ago. "2011 was not a year of progress in terms of consumers' financial security," said Greg McBride, CFA, senior financial analyst for Bankrate.com. "Each component – job security, savings, debt, net worth and overall financial situation – ended 2011 lower than where it was in January."

Additional highlights of the December FSI include:

Job Security:
Those under age 30 feel more secure than other age groups, while those age 50 and up feel less secure than younger age groups.

Savings:
The under-30 set feels more comfortable than other age groups, while those age 50-64 and retirees feel less secure.

Debt:
Those with annual household income of $75,000 or more are more comfortable than others, while parents and households with income under $30,000 are, understandably, less comfortable than anyone else.

Net Worth:
Households with annual income of $75,000 or more are most likely to report higher net worth than one year ago, while those with household income under $30,000 are most likely to report lower net worth.

Overall Financial Situation:
Those under age 30 are most likely to report a better overall financial situation, while those age 50-64, households with annual income less than $30,000 and the unemployed are the groups most likely to report their overall financial situation as worse today than one year ago.

The new study was conducted by Princeton Survey Research Associates International (PSRAI) and can be seen in its entirety here: http://www.bankrate.com/finance/consumer-index/financial-security-poll-1211.aspx.

The PSRAI December 2011 Omnibus Week 1 obtained telephone interviews with a nationally representative sample of 1,008 adults living in the continental United States. Telephone interviews were conducted by landline (605) and cell phone (403, including 184 without a landline phone). Interviews were done in English by Princeton Data Source from December 1-4, 2011. Statistical results are weighted to correct known demographic discrepancies. The margin of sampling error for the complete set of weighted data is +/- 3.7 percentage points.

About Bankrate, Inc.

Bankrate is a leading publisher, aggregator and distributor of personal finance content on the Internet. Bankrate provides consumers with proprietary, fully researched, comprehensive, independent and objective personal finance editorial content across multiple vertical categories including mortgages, deposits, insurance, credit cards, and other categories, such as retirement, automobile loans, and taxes. The Bankrate network includes Bankrate.com, our flagship website, and other owned and operated personal finance websites, including CreditCards.com, Interest.com, Bankaholic.com, Mortgage-calc.com, CreditCardGuide.com, Nationwide Card Services, InsuranceQuotes.com, CarInsuranceQuotes.com, InsureMe, Bankrate.com.cn, CreditCards.ca, NetQuote.com, and CD.com. Bankrate aggregates rate information from over 4,800 institutions on more than 300 financial products. With coverage of nearly 600 local markets in all 50 U.S. states, Bankrate generates over 172,000 distinct rate tables capturing on average over three million pieces of information daily. Bankrate develops and provides web services to over 80 co-branded websites with online partners, including some of the most trusted and frequently visited personal finance sites on the Internet such as Yahoo!, AOL, CNBC and Bloomberg. In addition, Bankrate licenses editorial content to over 500 newspapers on a daily basis including The Wall Street Journal, USA Today, The New York Times, The Los Angeles Times and The Boston Globe.

Ted Rossman
Public Relations Manager
Bankrate, Inc.
[email protected]
(917) 368-8635

SOURCE Bankrate, Inc.