Americans' Top Financial Priority Remains Catching up on Bills
Press release from the issuing company
Wednesday, November 19th, 2014
For the third consecutive year, Americans' top financial priority is getting caught up on bills or staying current on living expenses, according to a new Bankrate.com report. Nearly half of Americans say that they are most concerned with getting a handle on their bills. This number has shown a steady increase each year, as the 41% this year is up from 36% in 2013 and 32% in 2012.
"Americans' top financial priorities reflect the realities many households face of stagnant incomes, outstanding debt, and insufficient savings," stated Greg McBride, CFA, Bankrate.com's chief financial analyst.
Staying current or getting caught up on bills was the most common priority across all age groups, but highest among those ages 50-64. Americans age 65+ were more likely than any other age group to say providing financial assistance to family members or friends was their top priority, with 15% saying so.
Other commonly cited top financial priorities include:
- 22% of Americans say 'paying down debt' (previously 20% in 2013 and 23% in 2012)
- 17% say 'saving' (down slightly from 18% in 2013 and 20% in 2012)
- 10% say 'providing financial assistance to family members or friends' (formerly 12% in 2013 and 10% in 2012)
Bankrate.com's Financial Security Index came in at 101.3, the highest level since 101.5 in June 2014. Any reading above 100 indicates improved financial security over the past 12 months. Through 9 of the first 11 months of 2014, Americans have voiced feelings of improved financial security versus the prior year.
Savings is still a weak spot for Americans, with nearly 1/3 of Americans saying they're less comfortable with savings now while just 20% are more comfortable. Americans' feelings about job security, comfort level with debt, net worth, and their overall financial situation all showed improvement compared to one year ago.
The survey was conducted by Princeton Survey Research Associates International (PSRAI) and can be seen in its entirety here:
http://www.bankrate.com/finance/consumer-index/financial-security-charts-1014.aspx


