Consumers pessimistic when it comes to finances

May 12, 2011

Consumers say they are pessimistic when it comes to finances

A new survey shows an increasing number of U.S. residents have fading confidence in the greater economy as well as their personal finances. A term life insurance policy could help give consumers some peace of mind when it comes to the financial security of their family after they've passed on.

According to the survey by Rasmussen Reports, consumers' confidence in the economy dropped to a reading of 79.2 on Tuesday, down six points from three months earlier. It was also well below the two-year high of 93.3 registered this January, showing Americans have grown gradually more pessimistic regarding the economy since the start of the year.

Only 31 percent of respondents rated their own personal finances as "good" or "excellent," said the report, while 24 percent said their finances were in "poor" shape.

Savings and personal finances have become a struggle for many Americans, but especially older consumers looking to prepare for retirement.

Experts advise consumers protect their financial concerns with a strong term life insurance policy, which can ensure their family is not hamstrung by a lack of income after their death.

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