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Financial Insecurity

August 22, 2011, 10:01 PM by Angela Kennecke

Financial Insecurity
SIOUX FALLS, SD - Americans are feeling pretty financially insecure right now. Even in KELOLAND, where we aren't hit by the economic highs and lows, consumers just don't feel confident especially with the policy makers in Washington.

More people than ever are simply feeling bad about almost every area of their finances, from job security to savings to net worth, to their overall financial security.

“Of course I'm worried about it. It's human nature to be worried. But we just dropped our first child off at college too, so we have those concerns," Steve Chuk said.

According to Bankrate.com's Financial Security Index, nearly half of Americans say they're less comfortable with their savings compared with a year ago. And one-third of Americans say their financial situation is worse than a year ago.

"It is really tough right now because people all over, the stock market is going down, and unemployment is the same. It's really tough for people and consumer confidence is low right now," Moe Lavoie said.

And ask them who they blame for the current economic situation and the answer seems to unanimously be, "Washington."

"Fire the politicians. Somebody is running off with our money and who is it?" Rob Thiry said.

"I think that if the politicians would stop and listen to what the American people would like them to do and just go with capping and balancing the budget, then we could have some security again," Chuck said

Still a majority of people feel nearly the same about their financial situation as a year ago and some feel even better.

"I think everyone is still pretty cautious, but I think things are getting better and stronger and I see us continuing upswing, rather than a downswing; so hopefully optimistic," Holly Swedeen said.

With the big drop in the stock market, it's no surprise that three out of 10 Americans say their net worth is lower than last year. More people also feel less secure about their jobs.

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