Consumers Still Wary of Risk, 10 Years After Recession

About 70 percent of Americans feel financially secure today, up from 47 percent 10 years ago, research finds. Nearly 90 percent of respondents to the 10th annual Northwestern Mutual Planning and Progress survey said their financial habits are better now, and 74 percent said they carry less debt. Even a decade after the recession, Americans continue to be careful with their finances. Emily Holbrook, director of planning at Northwestern Mutual, says consumers are taking steps to improve their finances, including eliminating debt. In 2009, 65 percent of those polled said they believed they were on track to achieve their financial goals, and that percentage remained the same in this year’s survey. Moreover, when asked how they felt about risk today compared with how they felt a decade ago, 37 percent of respondents said they are less comfortable taking risks while just 18 percent said they were more comfortable.

Insurance News Net (06/05/19) Susan Rupe

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