Confidence in financial security drops

Americans’ confidence in their own financial security continues to drop, according to an index that showed a steady decline in people’s views over the past six months. The Country Financial Security Index showed that consumers’ confidence about their own financial security fell 1.5 points in February, to 65.8. For the first time in the two-year history of the index, a majority of Americans, 54%, were unable to save money. Since August, the number of people who have saved and invested dropped nine points to 19.5 million people. The index is a bi-monthly measure of Americans’ attitude toward their financial security and was created by Bloomington, Ill.-based Country Insurance and Financial Services. It is compiled by Rasmussen Reports LLC in Asbury Park, N.J., an independent research firm, based on a national telephone survey of about 3,000 Americans. The index also showed that 39% of Americans aren’t confident they’ll have the resources to send their children to college, compared to 30% six months ago. It is the highest number since the index began in February 2007.