Americans are feeling better about their finances than they were a year ago, according to new data from the COUNTRY Financial Security Index.
The Index, which is a bi-monthly measure of Americans' sentiments toward their overall financial security, inched up 0.8 points to 65.9 in August, after slipping 1.1 points in June. A year ago, the Index reached its lowest reading ever at 62.4.
The Index is an aggregate of various factors comprising financial security, including savings and investments, financial planning, retirement, education and asset protection.
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According to COUNTRY Financial, this was the first August increase since 2008 and the highest August reading since that year.
Those who feel they have enough resources to send their children to college jumped seven points to 61 percent and another 58 percent said they were confident in their ability to retirement comfortably, up three points.
One in five feel their level of financial security is improving, up two points to the highest level ever, and 52 percent were able to save, up one point from June and 10 points from a year ago.
"We are used to a seasonal dip in confidence in June and August, so it's refreshing to see financial optimism this month," said Joe Buhrmann, manager of financial security support at COUNTRY Financial. "Americans have made great strides this year, especially in their ability to set aside money. To maintain this positive momentum, remember to plan ahead and set aside savings for any unexpected obstacles that might set you back."
When it comes to financial security, men were more optimistic than women this month. The number of men who were confident they would be able to send their kids to college jumped 13 points to 68 percent, and just 56 percent of women said the same, which was a 3 percentage-point jump from June.
More men were able to save this month than women (55 percent vs. 48 percent). For men, this number was up 5 percentage points, while for women the number dropped four points.
Individuals who were 18 to 29 years old were the most optimistic of any age group, with 49 percent rating their overall level of financial security positively. This is a 15-point increase and at least six points higher than other age groups. There was a 12-point jump to 73 percent in those that felt they would have the financial resources to send their kids to college, which is at least 14 points higher than all other age groups.
"Younger adults are staying optimistic despite some unsettling economic news recently," Buhrmann said. "With long-term goals like retirement and college funding further away, they're making the most of that time by saving early. However, no matter your age, you need a financial plan to reach your goals."
The COUNTRY Index was created by COUNTRY Financial and is compiled by Rasmussen Reports, LLC, an independent research firm, based on a national telephone and online survey of at least 3,000 Americans. COUNTRY Financial offers a full range of financial products and services from auto, home and life insurance to retirement planning services, investment management and annuities.
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