Monday, December 19, 2011

Interesting Survey Regarding Financial Protection

New York Life sponsored a recent survey designed to measure a family's level of financial security. The survey focused in on how "protected" Americans feel.

Among the findings:

Thinking about any savings accounts, emergency funds, or life insurance coverage they may have, the majority, 53%, report that they are financially under-protected, with one in five (19%) believing they are severely under-protected. Just 46% describe their family as being protected when it comes to their finances, the survey revealed.
The survey is another in a long list detailing the lack of financial security felt by Americans. The problem is particuarly acute in middle- and low-income communities. In this survey, those with an income of $50,000 or more were twice as likely to feel they had adequate financial protection.

So what is the solution? Certainly increasing financial literacy is a step. But public policy makers - along with the financial industry - must also make certain that middle-income consumers have access to financial tools and resources.