Personal finance concerns are understandable in an economic climate where the national unemployment rate remains above 10 percent. One potential bright spot when it comes to personal finance has been monthly government statistics showing that Americans are continuing to shed their combined credit card debt by billions of dollars each month.
Now, a new Zogby poll shows that 20 percent of adults currently consider themselves poor, and 52 percent can envision themselves becoming poor.
Still, 33 percent believe that their financial situation will be better one year from now, while 50 percent believe their finances will be better off five years from now. Also, 20 percent believe they will be worse off financially in five years, while 18 percent believe that things will be about the same.
Zogby noted that younger Americans, born between 1965 and 1990, are most inclined to be worried about having enough money in the future and that they tend to be more optimistic about their financial future. Concern about personal finance and debt remained common throughout all age groups.
Despite uncertainty about the financial future, 40 percent of those surveyed told Zogby that they plan to spend more than $500 on holiday shopping this season.
Looking ahead, economic experts have warned that the nation’s unemployment rate is likely to remain above 10 percent throughout the coming year. Unemployment has already helped sustain high rates of foreclosures and credit card defaults, while those lucky enough to have jobs have been far more inclined to be focused on paying down their current debt.
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