The debt ceiling debate, the nation’s credit rating downgrade, market declines and unemployment are taking a serious toll on investors, causing the Country Financial Security Index to fall 1.3 points in August to 62.4, a record low.
Only 49% think they will have enough for a comfortable retirement, down from 51% in June. Both were record-setting figures.
Also at record lows are the mere 34% who rate their financial security positively, and the 74% who are confident they will be able to pay down debts. These figures are down from 37% and 77% in June.
Fifty-four percent said their level of financial security is getting worse, and only 42% were able to set aside money for savings and investments, down from 45% in June.
“Whether it’s high unemployment or the housing market volatility, Americans have been dealing with economic instability for some time,” said Keith Brannan, vice president of financial security planning at Country Financial. “Taken together, these factors tested people’s fiscal endurance.”