Many people are concerned about their financial strategy.

Many people are concerned about their financial strategy.

Personal finance plans are contingent on a significant amount of work on multiple financial aspects. This can be difficult for some, and the level of individuals who are still looking for the perfect budgeting formula remains significant.

A total of 51 percent of Americans have more money saved up in an emergency account than the amount of debt they hold, according to a report from Bankrate.com. This is the lowest level recorded since 2011, when examination began.

Another 28 percent explained that they have more credit card debt than their total emergency savings, the report showed. That level was the highest in four years. Those who are at least 30 years of age but still not yet in their retirement years were found to have a higher level of credit card debt than they did emergency savings.

“This is a reflection of the stagnant incomes, long-term unemployment and high household expenses that are hampering the financial progress of many Americans,” said Greg McBride, chartered financial assistant and chief financial analyst at Bankrate.com.

A sizable percentage of the population noted being in a significantly different position. The report explained that 17 percent lacked credit card debt, but also did not have any savings.

Some Americans plan financial improvement
The money problems that many people are struggling with may force them to change their financial strategies this year. According to a report from Fidelity Investments, 54 percent of Americans plan to save more money this year.

“These findings suggest individuals are taking more control over financial matters, leading them to feel better about their personal situations, which is a great way to ring in the New Year,” said Ken Hevert, vice president of retirement products, Fidelity Investments. “Making financial resolutions, such as saving more and paying off debt, can have a tremendous impact on the financial and emotional well-being of a household, so it’s encouraging to see that so many Americans intend to build a stronger financial foundation in the year ahead.”

Another major financial point that Americans look to tackle this year is to pay off debt, as nearly one-quarter noted this, the report added. Debt prioritization rose to the top spot after being third-most important in 2013. Close to one-fifth said that their biggest priority in 2014 would be to spend less money than they did in 2013.

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