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Economy struggles but Americans remain confident about their personal finances

06/17/11

While the stock market remains unsteady and nationwide unemployment is holding at 9.1 percent, people are becoming more optimistic about their personal financial futures. Individuals who have planned ahead, by investing in annuities and whole life insurance plans, may have a more upbeat look, according to a new survey released today by Certified Financial Planner Board of Standards.

"While our country continues to grapple with sustained unemployment and other economic headwinds, Americans have a more positive outlook on their own personal finances," said Charles A. Moran, chair of CFP Board's Board of Directors.

Of the people surveyed, 59 percent are not confident that the economy will recover in the near future and 45 percent have had to dip into their savings because of the recession. However, a surprising 83 percent of Americans believe their personal financial situation will stay the same or improve over the next 12 months.

The survey also found that households who plan ahead for financial goals have a more confident attitude about their finances. Four out of five people reported that they have a plan in place, but most do not have an official written document.

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