More Americans are concerned about getting or keeping their financial houses in order, according to the latest Bankrate Financial Security Index, with nearly half of respondents saying they are most concerned with catching up on bills or remaining current on living expense.
“Americans' top financial priorities reflect the realities many households face of stagnant incomes, outstanding debt and insufficient savings,” said Greg McBride, CFA, chief financial analyst for Bankrate.
Paying down debt was the No. 1 priority of 22 percent of those surveyed, compared with 20 percent a year ago. Consumers nearing retirement (ages 50-64) were most likely to cite it as their top priority.
Among other key findings:
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Sixty-six percent said they had reasons to limit monthly spending. The top reason for millennials was the need to save more money. Those ages 65 and older said it was because of stagnant income.
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Sixty-two percent felt about the same about job security as they did 12 months ago, with 24 percent feeling more secure and 13 percent less secure. Millennials were nearly twice as likely to feel more secure than those nearing retirement.
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Nearly one-half (49 percent) said they have the same comfort level about the amount of money they have in savings as a year ago. Forty percent of people between 50 and 64 said they are less comfortable, compared with 24 percent of millennials.
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Fifty-four percent said they felt about the same about their debt level as they did a year ago. Twenty-three percent felt more comfortable, and 20 percent were less comfortable.
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Fifty-nine percent reported that their net worth was about the same as 12 months earlier. Twenty-four percent said it was higher, and 15 percent said it was lower.
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Overall, 51 percent of respondents said their financial situation is about the same as a year ago. Twenty-six percent said it was better, and 22 percent said it was worse.
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