Americans' Financial Security Has Biggest Drop In 11 Months: Bankrate Survey

(Newsroom America) -- Bankrate.com's Financial Security Index dropped from 100.8 in June to 97.9 in July, the lowest level since March and the biggest monthly drop since August 2011.

Readings on all five components slipped this month: job security, savings, debt, net worth and overall financial situation.

Twenty-eight percent of Americans say their overall financial security is lower now than one year ago, while 23% feel better. This is the first time since March that more Americans feel their overall financial situation is worse compared with the year before.

"Interestingly, despite another poor jobs report in early July, feelings of job security were the least affected and remain the component of financial security that Americans feel is most improved relative to one year ago," said Greg McBride, CFA, Bankrate.com's senior financial analyst.

"Just 19% of Americans feel less job security than one year ago."

Americans' comfort level with their savings fell, with 39% of Americans feeling less comfortable with their savings compared to last year and just 16% feeling better, an identical reading to that seen in March.

The poll also found that only 60% of Americans track their monthly spending against a budget, a figure that is little changed from 58% last year.

"For a nation where just one-in-four households has an adequate emergency savings cushion, the fact that only 60 percent adhere to a fundamental behavior such as tracking expenses reveals a key weakness," McBride added.

The new 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-poll-0712.aspx.