Home / Daily Dose / Poll: Two-Thirds Of Americans Unsure How to Achieve Financial Stability
Print This Post Print This Post

Poll: Two-Thirds Of Americans Unsure How to Achieve Financial Stability

NFCC Financial StabilityA recent poll conducted by the National Foundation for Credit Counseling (NFCC) showed that two-thirds of respondents showed uncertainty with regards how to achieve financial stability.

Sixty-six percent of respondents said that "I want financial stability, but don't know how to get there." Nearly one quarter of respondents (23 percent) said that "I don't think financial stability is attainable for me" while 8 percent said they were "confidently on their way toward financial stability." Only 3 percent responded that they were "already there" where financial stability is concerned.

"While it is encouraging to know that financial stability remains an important goal for consumers, it is deeply concerning that so many are unclear about how to reach that objective," said Bruce McClary, spokesperson for the NFCC. “With a few initial steps, most people could be on their way toward achieving what they had initially thought to be impossible."

NFCC recommends that the keys to financial stability are being organized and keeping goals in view. In order to establish a starting point toward financial stability, conduct a thorough review of your current income and spending after tracking it for 30 days. That, NFCC said, will give you a clear picture of where you stand – how close you are to (or how far away you are from) achieving financial stability, and what you need to do in order to attain (or maintain) it.

Lack of savings and unmanageable debt are two obstacles from achieving financial stability, according to NFCC. The foundation recommends making savings a top priority by setting aside 10 percent of each paycheck for savings on a regular basis as well as keeping credit card debt below 30 percent of the available credit limit and keeping consumer debt payments within 20 percent of monthly income.

"The key is to shrink your debt and grow your savings," McClary said. "The less debt you have in your way, the more control you have over reaching your financial goals."

The poll was conducted via the homepage of NFCC's website from December 1 through 31, 2014. The poll was answered by 1,218 people.

About Author: Brian Honea

Brian Honea's writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master's degree from Amberton University in Garland.
x

Check Also

Fed Chair: Developments Point to Improved Economic Outlook

Holding down interest rates and leveraging the central bank’s balance sheet to encourage asset purchases is the best way to ease labor market and broader economic challenges, Powell told Congress.

Your Daily Dose of DS News

Get the news you need, when you need it. Subscribe to the Daily Dose of DS News to receive each day’s most important default servicing news and market information, absolutely free of charge.