There may be a heightened level of worry among a number of Americans regarding their own personal finance situations, which could mean that they will need to do more work in order to make it right.
Overall financial comfort fell to 98.7 during May, according to the Financial Security Index from Bankrate. This was down from April’s 100.5, and marked the second consecutive month where a decline occurred. Due to the figure being lower than 100, the average person surveyed felt that their situation was slightly worse off than it was one year earlier.
Just 18 percent of Americans felt that their job situation was in a more secure position now than one year ago, the report noted. This was down from the 24 percent who said this in March.
Debt was also a worry for many individuals, as May marked the second month in 2014 where people felt uncomfortable about the amount they owe now compared to the same month in 2013, the report showed. This was the fourth month in the past 12 where Americans noted this.
Only 25 percent of those polled felt that their financial situation was in better shape in May than 12 months earlier, the report added. The same level felt that they were in a worse financial spot, while half of those surveyed said that there was no change year-over-year.
Many Americans still struggling with finances
While there are many who are trying to improve their financial strategies, some Americans are just learning to deal with their struggles. According to a report from the American Institute of CPAs, nearly three-quarters of Americans think they are in a worse financial situation than 12 months ago.
Another 44 percent felt that their financial stress levels are at a high level, the report noted. However, this was the same level recorded in 2013.
“With slightly more than half of U.S. adults expressing little to no stress about their increasingly difficult financial circumstances, it seems that many Americans are reconciled to an uphill financial battle and that financial juggling and sacrifice will be a part of the foreseeable future,” said Ernie Almonte, chair of the National CPA Financial Literacy Commission at AICPA.
Just 2 percent of Americans noted they are thinking about building an emergency savings plan, the report added.