CHICAGO—The Center for Financial Services Information (CFSI) has released a new study that has found just 30% of Americans say they are highly satisfied with their present financial condition.
Moreover, only 45% expressed confidence in meeting their long-term goals for becoming financially secure, while less than half project that their own financial condition will be any better in five years.
When Americans were probed about saving money for future needs, 27% indicated the most important timeframe for them is the next few weeks or months, while an equal number say next year or the next few years. One-in-five said the most important timeframe for saving for the future is longer than 10 years.
Not surprisingly given the previous findings, consumers’ rainy day funds are mostly dry. Although 35% said they have sufficient reserves to make ends meet for more than six months, 30% said they had funds to cover less than three months, while 22% said they were simply unsure how long they could last if facing a financial emergency.
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