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Bankrate: Consumer financial security declines amid turmoil

By Palm Beach Business.com

DELRAY BEACH — Consumers’ financial security took a steep hit in August amid stock market upheavals, Standard and Poor’s downgrade of U.S. debt and a slew of poor economic reports. Bankrate's Financial Security Index fell to an August reading of 92.3 from July’s 95.6, the lowest point so far in 2011.

Consumers' feelings about their savings, net worth and job security all established 2011 lows.

Princeton Survey Research Associates International conducted the study.and can be seen in its entirety here.

Findings include:

"Recent volatility clearly has consumers nervous," Bankrate senior financial analystGreg McBrides aid. "But in these uncertain times, it's important not to overreact to short-term events. Consumers should make sure that their investments properly reflect their long-term objectives. As long as that's the case, substantial changes are not necessary."

Bankrate's Financial Security Index results are based on telephone interviews with a nationally representative sample of 1,001 adults. The interviews were conducted from August 4-7, 2011 by Princeton Survey Research Associates International. The margin of error is +/- 3.7 percentage points.

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