Consumers stressed about finances
Despite recent gains in the stock market and some improvement in the economy, consumers remained very worried about their finances, according to Financial Finesse, which provides financial data to employees of large companies.
The study shows that counter to recent signs of recovery on Wall Street, economic conditions are actually worsening for many Americans.
“Above all right now, American consumers are financially stressed,” says Liz Davidson, founder and CEO of Financial Finesse. “We’re seeing employees’ financial stress reaching serious levels that we need to be concerned about.”
An overwhelming 98% of employees who used the Company’s online financial planning platform in the second quarter reported they are stressed about their finances, 35% indicating their stress level is either high or overwhelming.
In the second quarter, employees inquired nearly twice as frequently about tapping retirement accounts as they did in the previous quarter, the study showed. Over the same period, calls regarding investing dropped, a sign that consumers aren’t ready to jump back into stocks.
The entire report is available here.
Don Mecoy
Business Writer
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