NEW YORK, April 19, 2016 /PRNewswire/ -- Despite an improving economy, Americans' financial security is at its lowest point in 19 months, according to a new Bankrate.com (NYSE: RATE) report. This is the least impressive reading since September 2014. Additionally, women are feeling worse about their financial security than men.
Surprisingly, millennials have the highest feelings of job security and they're the only age group to feel more comfortable with their savings. Millennials are also the most likely to say their overall financial situation is better now than one year ago.
Americans' discomfort with savings further undermined feelings of financial security, with 31% saying they're less comfortable with their savings now than one year ago – the highest percentage since December 2014.
"A key reason why Americans aren't feeling as rosy about their finances is stagnant income," said Greg McBride, CFA, Bankrate.com's Chief Financial Analyst. "Although the market continues to add more jobs, with the supply of workers in many fields outweighing the demand, there have been fewer pay raises," he added.
Americans' feelings about their net worth and debt have remained relatively stable in recent months, too. As a matter of fact, Americans have stayed the course with the stock market since the terrorist attacks in Paris (November 2015) and Brussels (March 2016). Eighty percent said they're just as likely to invest in the stock market today as they were before the tragic events.
The survey was conducted by Princeton Survey Research Associates International (PSRAI) and can be seen in its entirely here:
Princeton Survey Research Associates International obtained telephone interviews with a nationally representative sample of 1,000 adults living in the continental United States. Interviews were conducted by landline (500) and cell phone (500, including 318 without a landline phone) in English and Spanish by Princeton Data Source from April 7-10, 2016. Statistical results are weighted to correct known demographic discrepancies. The margin of sampling error for the complete set of weighted data is plus or minus 3.6 percentage points.
Bankrate.com provides consumers with the expert advice and tools needed to succeed throughout life's financial journey. For over two decades, Bankrate.com has been a leading personal finance destination. The company offers award-winning editorial content, competitive rate information, and calculators and tools across multiple categories, including mortgages, deposits, credit cards, retirement, automobile loans, and taxes. Bankrate aggregates rate information from over 4,800 institutions on more than 300 financial products. With coverage of over 600 local markets, Bankrate generates rate tables in all 50 U.S. states. Bankrate develops and provides web services to more than 100 cobranded websites with online partners, including some of the most trusted and frequently visited personal finance sites on the internet, such as Comcast, Yahoo!, CNBC and Bloomberg. In addition, Bankrate licenses editorial content to more than 500 newspapers on a daily basis including The Wall Street Journal,USA Today, The New York Times and The Los Angeles Times.
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