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Two in five Americans feel less secure
financially than one year ago
Almost half say they expect
economy to stay the same in the New Year
January
2, 2011
– The
Holidays are over and the New
Year is upon us. It's also the time
of year when people look back and look
forward and, this year many are probably
thinking more of the economic year that was
and the one that will be. President Obama is
also probably thinking ahead to the economic
future and his handling of the economy.
At the end of his second year in office,
just three in ten Americans (30%) give him
positive ratings on the job he is doing on
the economy while seven in ten (70%) give
him negative ratings.
These are some of the results of The
Harris Poll of
2,331 adults surveyed online in
December by Harris
Interactive.
When asked to compare their financial
situation to last year, two in five
Americans (42%) feel less secure now while
one-third (36%) feel just as secure and one
in five (19%) say they now feel more secure.
While this reflects the end of a troubling
financial year, it also shows an improvement
from what people felt last year at this
time. One year ago, over half of Americans
(56%) said they felt less secure about their
financial situation when compared to the
previous year.
Looking ahead, one-quarter of Americans
(26%) say they expect the economy to get
worse in the coming year while three in ten
(29%) expect it to get better and 45% say it
will stay the same. Last month, over
one-third (34%) said they thought the
economy would be getting better, 41% said it
would stay the same and 25% believed it
would get worse.
The job market
In looking at the job market, just over one
in three Americans (13%) rate the job market
in their region of the country as good while
three in five (63%) rate it as bad and
one-quarter (24%) say it is neither good nor
bad. Looking ahead, one-quarter of U.S.
adults (25%) say they expect the job market
to be better over the next six months, one
in five (22%) say it will be worse and over
half (54%) believe it will remain the same.
2011 Financial Expectations
Looking to what people may be doing with
regard to their finances in the coming year,
half of Americans (49%) say they will cut
back on their household spending. Two in
five say they will pay down their level of
debt (41%) and save more in the year ahead
(40%). One in five U.S. adults say they
will get rid of one or more credit cards
(22%) and save more for retirement (22%)
while 13% say they will undertake home
improvements that increase the value of
their home. Less than one in ten will invest
in less risky investments (8%), refinance
their mortgage (6%) or take out a home
equity line of credit (2%). And, one in five
Americans (18%) say they do not expect to do
anything differently financially in 2011.
So What?
At the beginning of the year everyone always
has the best intentions. Resolutions are
made typically about health, diet and/or
finances. But, as everyone knows,
resolutions are also broken and if they last
until the end of January, that's a great
thing. As the year goes on, it will be
interesting to see if people are saving
more, paying down their debt or cutting back
on household spending.
|
TABLE 1
PRESIDENT OBAMA'S JOB RATING ON THE
ECONOMY - TREND
"Now, turning to something
different, how would you rate the
overall job that President Barack
Obama is doing on the economy?"
Base: All adults |
|
|
|
2009 |
|
|
March |
April |
May |
June |
Aug |
Sept |
Nov |
Dec |
|
|
% |
% |
% |
% |
% |
% |
% |
% |
|
|
POSITIVE (NET) |
47 |
49 |
46 |
43 |
39 |
40 |
34 |
36 |
|
|
Excellent |
13 |
13 |
10 |
3 |
9 |
7 |
6 |
6 |
|
|
Pretty good |
34 |
36 |
36 |
34 |
31 |
33 |
27 |
30 |
|
|
NEGATIVE (NET) |
53 |
51 |
54 |
57 |
61 |
60 |
66 |
64 |
|
|
Only fair |
30 |
27 |
30 |
27 |
25 |
27 |
30 |
30 |
|
|
Poor |
23 |
24 |
24 |
30 |
36 |
33 |
37 |
34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010 |
|
|
Jan |
March |
April |
May |
June |
Aug |
Sept |
Oct |
Nov |
Dec |
|
|
% |
% |
% |
% |
% |
% |
% |
% |
% |
% |
|
|
POSITIVE (NET) |
31 |
32 |
33 |
36 |
32 |
32 |
29 |
27 |
31 |
30 |
|
|
Excellent |
5 |
5 |
6 |
6 |
5 |
6 |
5 |
5 |
5 |
5 |
|
|
Pretty good |
25 |
27 |
27 |
30 |
27 |
26 |
24 |
22 |
26 |
25 |
|
|
NEGATIVE (NET) |
69 |
68 |
67 |
64 |
68 |
68 |
71 |
73 |
69 |
70 |
|
|
Only fair |
31 |
30 |
31 |
29 |
32 |
29 |
31 |
33 |
30 |
34 |
|
|
Poor |
39 |
37 |
36 |
34 |
37 |
39 |
40 |
39 |
39 |
36 |
|
|
|
|
|
Note: Percentages may not add up
exactly to 100% due to rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE 2A
FINANCIAL SECURITY
"Compared to last year, how secure
do you feel about your financial
situation?"
Base: All adults |
|
|
|
Total |
Political Affiliation |
Generation |
|
|
Rep. |
Dem. |
Ind. |
Echo
Boomers
(18-33) |
Gen. X
(34-45) |
Baby
Boomers
(46-64) |
Matures
(65+) |
|
|
% |
% |
% |
% |
% |
% |
% |
% |
|
|
MORE SECURE (NET) |
19 |
11 |
27 |
21 |
26 |
19 |
17 |
13 |
|
|
Much more secure |
5 |
2 |
8 |
5 |
5 |
5 |
5 |
3 |
|
|
Somewhat more secure |
14 |
10 |
19 |
16 |
21 |
14 |
11 |
10 |
|
|
Same as last year |
36 |
35 |
39 |
34 |
36 |
36 |
38 |
32 |
|
|
LESS SECURE (NET) |
42 |
52 |
31 |
45 |
33 |
42 |
44 |
55 |
|
|
Somewhat less secure |
23 |
26 |
18 |
24 |
19 |
20 |
22 |
31 |
|
|
Much less secure |
20 |
26 |
13 |
21 |
13 |
22 |
22 |
24 |
|
|
Not sure |
2 |
2 |
2 |
1 |
6 |
2 |
1 |
* |
|
|
|
|
|
Note: Pe rcentages
may not add up to exactly 100% due
to rounding
Note: * indicates less than 0.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE 2B
FINANCIAL SECURITY - TREND
"Compared to last year, how secure
do you feel about your financial
situation?"
Base: All adults |
|
|
|
2008 |
2009 |
2010 |
|
|
% |
% |
% |
|
|
MORE SECURE (NET) |
21 |
12 |
19 |
|
|
Much more secure |
4 |
3 |
5 |
|
|
Somewhat more secure |
17 |
9 |
14 |
|
|
Same as last year |
34 |
30 |
36 |
|
|
LESS SECURE (NET) |
38 |
56 |
42 |
|
|
Somewhat less secure |
24 |
33 |
23 |
|
|
Much less secure |
14 |
23 |
20 |
|
|
Not sure |
7 |
3 |
2 |
|
|
|
|
|
Note: Percentages may
not add up to exactly 100% due to
rounding |
|
|
|
|
|
|
|
|
TABLE 3
2011 FINANCIAL EXPECTATIONS
"Which of the following do you
expect to do in 2011* in regards to
your finances?"
Base: All adults |
|
|
|
2009 |
2010 |
Generation |
|
|
Echo
Boomers
(18-33) |
Gen. X
(34-45) |
Baby
Boomers
(46-64) |
Matures
(65+) |
|
|
% |
% |
% |
% |
% |
% |
|
|
Cut back on my household spending |
55 |
49 |
41 |
49 |
56 |
47 |
|
|
Pay down my level of debt |
45 |
41 |
32 |
50 |
48 |
31 |
|
|
Save more in the year ahead |
42 |
40 |
51 |
42 |
35 |
31 |
|
|
Get rid of one or more credit cards |
24 |
22 |
13 |
23 |
29 |
24 |
|
|
Save more for retirement |
21 |
22 |
18 |
26 |
29 |
10 |
|
|
Undertake home improvements that
increase the
value of my
home |
14 |
13 |
12 |
11 |
12 |
17 |
|
|
Invest in less risky investments |
9 |
8 |
5 |
6 |
9 |
12 |
|
|
Refinance my mortgage |
5 |
6 |
4 |
8 |
9 |
4 |
|
|
Take out a home equity line of
credit |
2 |
2 |
3 |
2 |
1 |
1 |
|
|
Other |
6 |
6 |
9 |
6 |
4 |
4 |
|
|
I don't expect to do anything
different financially in 2011* |
16 |
18 |
23 |
16 |
14 |
21 |
|
|
|
|
|
Note: Multiple response
question; In 2009 this question asked
about financial activity for 2010 |
|
|
|
|
|
|
|
|
|
|
|
TABLE 4
EXPECTATIONS FOR THE ECONOMY IN THE
COMING YEAR - TREND
"In the coming year,
do you expect the economy to...?"
Base: All adults |
|
|
|
2009 |
2010 |
|
|
April |
May |
Aug |
Sept |
Oct |
May |
June |
Aug |
Sept |
Oct |
Nov |
Dec |
|
|
% |
% |
% |
% |
% |
% |
% |
% |
% |
% |
% |
% |
|
|
Improve |
39 |
38 |
46 |
40 |
34 |
38 |
30 |
29 |
28 |
30 |
34 |
29 |
|
|
Stay the same |
35 |
35 |
32 |
36 |
37 |
34 |
42 |
39 |
40 |
40 |
41 |
45 |
|
|
Get worse |
26 |
27 |
22 |
24 |
29 |
28 |
28 |
32 |
32 |
30 |
25 |
26 |
|
|
|
|
|
Note: Percentages may not add up ex actly
to 100% due to rounding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE 5A
RATING OF CURRENT JOB MARKET - TREND
"How would you rate the current job
market of your region of the nation ?"
Base: All adults |
|
|
|
2008 |
2009 |
|
|
June |
July |
Jan |
April |
June |
Aug |
Sept |
Oct |
Nov |
Dec |
|
|
% |
% |
% |
% |
% |
% |
% |
% |
% |
% |
|
|
GOOD (NET) |
28 |
30 |
6 |
12 |
9 |
8 |
10 |
10 |
8 |
9 |
|
|
Neither good nor bad |
18 |
19 |
18 |
20 |
19 |
21 |
22 |
20 |
18 |
19 |
|
|
BAD (NET) |
53 |
51 |
76 |
68 |
72 |
71 |
68 |
70 |
73 |
72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010 |
|
|
Jan |
Mar. |
April |
May |
June |
Aug |
Sept |
Oct |
Nov |
Dec |
|
|
% |
% |
% |
% |
% |
% |
% |
% |
% |
% |
|
|
GOOD (NET) |
10 |
8 |
10 |
12 |
10 |
12 |
10 |
13 |
11 |
13 |
|
|
Neither good nor bad |
20 |
18 |
21 |
20 |
25 |
22 |
21 |
21 |
23 |
24 |
|
|
BAD (NET) |
70 |
73 |
70 |
68 |
66 |
66 |
69 |
66 |
66 |
63 |
|
|
|
|
|
Note: Percentages may not add to
100% due to rounding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE 5B
RATING OF CURRENT JOB MARKET IN YOUR
REGION – BY REGION
"How would
you rate
the current job market of your
region of the nation?"
Base: All adults |
|
|
|
Total |
Region |
|
|
East |
Midwest |
South |
West |
|
|
% |
% |
% |
% |
% |
|
|
GOOD (NET) |
13 |
14 |
9 |
16 |
10 |
|
|
Very good |
2 |
4 |
* |
2 |
2 |
|
|
Somewhat good |
11 |
10 |
9 |
14 |
8 |
|
|
Neither good nor bad |
24 |
32 |
21 |
22 |
22 |
|
|
BAD (NET) |
63 |
54 |
70 |
62 |
68 |
|
|
Somewhat bad |
38 |
31 |
45 |
38 |
39 |
|
|
Very bad |
25 |
23 |
25 |
24 |
29 |
|
|
|
|
|
Note: Percentages may not add to
100% due to rounding; * in dicates
less than 0.5% |
|
|
|
|
|
|
|
|
|
|
TABLE 6
EXPECTATIONS FOR JOB MARKET IN SIX
MONTHS – TREND
"How do you think
that the job market in your region
of the nation will change over the
next 6 months?"
Base: All adults |
|
|
|
Jan.
2009 |
April
2009 |
June
2009 |
August
2009 |
June
2010 |
Aug
2010 |
Sept
2010 |
Oct
2010 |
Nov
2010 |
Dec
2010 |
|
|
% |
% |
% |
% |
% |
% |
% |
% |
% |
% |
|
|
BETTER (NET) |
15 |
23 |
21 |
28 |
26 |
23 |
21 |
23 |
30 |
25 |
|
|
Will be much better |
1 |
3 |
2 |
2 |
1 |
2 |
2 |
3 |
2 |
2 |
|
|
Will be somewhat better |
14 |
20 |
19 |
26 |
25 |
21 |
19 |
20 |
28 |
23 |
|
|
Will remain the same |
36 |
42 |
47 |
47 |
53 |
49 |
53 |
53 |
50 |
54 |
|
|
WORSE (NET) |
49 |
36 |
32 |
25 |
21 |
27 |
26 |
24 |
21 |
22 |
|
|
Will be somewhat worse |
36 |
29 |
24 |
19 |
15 |
22 |
20 |
18 |
15 |
16 |
|
|
Will be much worse |
14 |
7 |
8 |
6 |
6 |
5 |
6 |
6 |
6 |
6 |
|
|
|
|
|
Note: Percentages may not add to
100% due to rounding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
