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Keeping Up with Bills Is Top Financial Priority
NEW YORK -- Americans' top financial priority is staying current or getting caught up on bills, a Bankrate.com survey has found. That was cited by 36% of respondents and named nearly twice as often as the secondmost common response, paying down debt (20%).
"Americans' financial priorities reflect the difficult economic realities of high unemployment, stagnant income and the absence of new high-paying jobs," said Greg McBride, Bankrate.com senior financial analyst, in a prepared statement.
Consumers' financial priorities have changed little over the past year. In November 2012, 32% of Americans said their top financial priority was staying current or getting caught up on bills, 23% said paying down debt and 20% said savings.
Bankrate.com's Financial Security Index registered a 99.3 in November. Readings of less than 100 indicate deteriorating financial security compared with one year previous. Americans feel most negative about job security and savings.
Those who feel less secure in their jobs versus a year ago (20%) outnumber those who feel more secure (17%). Job security turned negative in October and remained negative in November after spending eight of the first nine months of 2013 in positive territory.
For the 36th consecutive month (every month since the inception of Bankrate.com's monthly Financial Security Index polls in December 2010), Americans who feel less comfortable with their savings outnumber those who feel more comfortable compared to one year previously. The current margin is greater than two-to-one in favor of "less comfortable."
Net worth is the bright spot of financial security, with 29% of consumers reporting a higher net worth and just 16% reporting lower net worth than a year ago. Given the improving housing market and strong stock market performance, Bankrate.com did not find it surprising that the propensity to report higher net worth increases with income.
The survey was conducted by Princeton Survey Research Associates International.
Published by The Business Journal, Youngstown, Ohio.
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