Creditnet News Story
Midwesterners cautious with money, study finds
Friday, September 3, 2010
By Danielle Robson
Midwesterners are becoming more optimistic, but remain financially cautious about the future, a study issued by Citi and performed by Hart Research Associates found.
Almost 60 percent of Midwesterners surveyed said they are confident that their own financial situation will get better within the next year. However, only 30 percent said they feel good about their ability to be financially secure in retirement.
"The financial crisis has had a profound impact on the psyche of American consumers and investors," said Citi personal wealth management director of financial education Jonathan Clements. "Though Midwesterners are feeling some thaw from the economic winter, the events of the past few years continue to have long-lasting effects."
The study also found Midwesterners are more conservative when it comes to dipping into their savings accounts. Just 28 percent said they used money from their savings account for expenses compared to 32 percent of people nationwide, the study found. Similarly, 37 percent of Midwesterners reported that they would save any extra money that comes their way.
Confidence levels have risen in all parts of the country. The Conference Board Consumer Index shows that optimism levels reached 63.3 percent in May, up from 57.7 in April.
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