According to a recent survey conducted by First Command, just 24 percent of respondents felt they were financially secure, which is a significant drop from previous month's studies.
The 24 percent total is down 38 percent from November's survey. However, while a large percentage feel unstable with their finances, 41 percent don't feel "financially stretched," which is 57 percent lower than November's findings.
"Americans are suffering a crisis in financial confidence," said Scott Spiker, First Command CEO. "They are increasingly concerned about such personal finance issues as rising gas prices and personal debt. Consumer perceptions of potential effects to the global economy resulting from the earthquake and tsunami in Japan, as well as a possible government shutdown in March, may also have contributed to lowered feelings of financial security."
Regarding financial priorities, 37 percent stated that lowering their debt was their main goal in April, while 19 percent were focused on savings. Also, 91 percent relayed they would welcome low savings and no debt over high savings and high debt.
Recent articles have pointed to life insurance or other investments as a valid option to boost confidence regarding retirement and savings.