Americans' financial security had its biggest drop in 11 months, according to Bankrate.com's Financial Security Index for July, which was released this morning.
In July, index numbers fell to 97.9 from 100.8. A score of 100 means Americans feel neutral about their financial security compared to a year ago. Being above or below 100 indicates Americans feel positive or negative about their financial situation.
Readings on all five parts of the index experienced a drop in July, as Americans feel less secure about their debt, job security, savings, net worth and overall financial situation, according to Bankrate.com. This is the first time since March that more Americans feel negative about their financial situation, as 28 percent said their situation is worse now than it was a year ago, while just 23 percent said it's better.5 comments on this story
"Interestingly, despite another poor jobs report in early July, feelings of job security were the least affected and remain the component of financial security that Americans feel is most improved relative to one year ago," said Greg McBride, Bankrate.com's senior financial analyst. "Just 19 percent of Americans feel less job security than one year ago."
About 39 percent of Americans feel more uncomfortable with their savings compared to last year, while just 16 percent feel better about their savings, according to the index.
The survey was conducted by Princeton Survey Research Associates International.