Nearly Half of Americans Believe Their Savings Are Insufficient

^{Published on 2011-01-24 04:45:16 - Market Wire}
 

Nearly Half of Americans Believe Their Savings Are Insufficient -- NEW YORK, Jan. 24, 2011 /PRNewswire/ --

New Bankrate poll reveals how Americans feel about their financial security

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NEW YORK, Jan. 24, 2011 /PRNewswire/ -- This month's study, released by Bankrate Inc., shows that Americans are nearly split when it comes to gauging their financial security. Despite the gradual economic rebound, many Americans still feel less comfortable with their finances now than they did 12 months ago. The poll, conducted by Princeton Survey Research Associates International, can be seen in its entirety here: [ http://bankrate.com/finance/consumer-index/jan-2011-savings.aspx ]. Among the findings:

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• Twice as many people feel less comfortable about their savings level than those who feel better: 38 percent versus 19 percent;
• Only 10 percent of people between ages 50 and 64 feel more secure about their job while 29 percent feel less secure;
• More than three quarters, or 78 percent, of Americans spent either less than or nearly equal to what they expected to spend during their holiday shopping;
• 31 percent of workers with incomes less than $30,000 feel least comfortable with their debt loads. Those who earn more than $75,000 are not far behind, with 17 percent feeling less comfortable with their debt;
• Age significantly impacts overall financial security, with one of every three respondents over 50 believing they are worse off while only 15 percent of people younger than 30 feel that way.

Bankrate's Financial Security Index results are based on telephone interviews with a nationally representative sample of 1,018 adults, ages 18 and older. The interviews were conducted from Jan. 6 to Jan. 9, 2011, by Princeton Survey Research Associates International. Statistical results are weighted to correct known demographic discrepancies. The margin of sampling error for the complete set of weighted data is +/- 3.6 percentage points.

About Bankrate, Inc.

The Bankrate network of companies includes [ Bankrate.com ], [ Interest.com ], [ Mortgage-calc.com ], [ Nationwide Card Services ], [ Fee Disclosure ], [ InsureMe ], [ CreditCardGuide.com ], [ Bankaholic ], [ CreditCards.com ] and [ NetQuote ].  Each of these businesses helps consumers to make informed decisions about their personal finance matters. The company's flagship brand, Bankrate.com is a destination site of personal finance channels, including banking, investing, taxes, debt management and college finance. Bankrate.com is the leading aggregator of rates and other information on more than 300 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans and online banking fees. Bankrate.com reviews more than 4,800 financial institutions in 575 markets in 50 states. Bankrate.com provides financial applications and information to a network of more than 75 partners, including Yahoo! (Nasdaq: YHOO), America Online (NYSE: AOL), The Wall Street Journal and The New York Times (NYSE: NYT). Bankrate.com's information is also distributed through more than 500 newspapers.  Bankrate, Inc. was acquired by Apax Partners, one of the world's leading private equity investment groups, in September 2009.  Apax operates across the United States, Europe and Asia and has more than 30 years of investing experience. For more information on Apax, visit: [ www.Apax.com ].

Bankrate Senior Financial Analyst Greg McBride, CFA will be available to discuss the findings of the poll today. If you'd like to speak with him please let me know or for more information please contact:

SOURCE Bankrate, Inc.

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