Americans feel less financially secure with fiscal cliff looming on the horizon
More Americans are worried about their finances as the BankRate.com Financial Security Index fell to 97.1 percent in November, which is the third-lowest result of the year, according to a statement from the website.
“Since the election was resolved by the time the poll was conducted, it was evident that uncertainty over the fiscal cliff was beginning to creep in,” the company said in a statement.
Nearly one-third of Americans said their financial priority is “staying current or getting caught up on the bills,” according to the study.
“This is consistent with the stagnant household incomes many people are experiencing, as well as continued escalation in food, health care and energy costs that are squeezing households’ buying power,” said Greg McBride, a CFA and Bankrate.com’s senior financial analyst in a statement. “The second-most common response was paying down debt (23 percent), followed by saving (20 percent). No surprises there.”
The Financial Security Index, which BankRate.com started measuring in December 2010, is based on a scale that maxes out at 100. Any number below 100 means people feel less financially secure.
The number has been below 100 for 22 out of the 24 months since the survey began.
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