More Americans live paycheck-to-paycheck

iStockphoto

(MoneyWatch) Roughly 38 percent of Americans live paycheck-to-paycheck, while just 30 percent are economically comfortable, according to a study released Monday by the Consumer Federation of America and Certified Financial Planner Board of Standards. That's a reversal of fortunes from 1997, when roughly 38 percent of the country said they felt financially comfortable and only 31 percent were living on the economic edge.

Additionally, roughly 66 percent of those surveyed this year don't expect to have enough money to retire at age 65, versus 50 percent in 1997.

In 1997 more Americans were also saving for college, with some 56 percent of those surveyed saying they were setting money away for their kids' college bills vs. 48 percent who are saving for college today.

Other survey findings:

- 55 percent of respondents said it's hard to know who to trust when seeking financial advice.

- 52 percent think investing is complicated.

- 55 percent are worried about losing their money in the stock market - up from 45 percent in 1997.

It's understandable that people would have trust issues in an era marred with revelations about massive financial planning Ponzi schemes, from Bernie Madoff to Peregrine Financial.

However, those who spent the time to put together a financial plan - with or without help - reported better financial health than those who didn't. Confidence about meeting goals, from saving money to paying off debts, soared to 52 percent vs. 30 percent among those who had a financial plan, the survey found.

[LifeUnlimited]

True, a lot of people live paycheck to paycheck, but some people have figured out a way to earn an EXTRA paycheck every week & live very comfortably now! http://chriscrain.myzijastory.com

[mjvwsr]

After I've put 10% in my emergency fund, 10% in my vacation fund, and invest 30% in my retirement accounts I live paycheck to paycheck.
Nothing wrong with living paycheck to paycheck.

[omnibus66]

Those who dug this hole we are in are running on the platform that Obama has not filled it, and are standing in wait with their shovels.

[abi_jah]

American schools don't teach you how to have a high Financial IQ. The problem is America is filled with people--good people, well-educated, hard-working yet expecting the government to take care of them from cradle to grave. It is sad how the education system teaches you what to think but never how to think. People expect politicians to take care of the growing problems facing the poor and middle class, but politicians are charlatans promising free stuff to buy your votes. Democrats know how to play this game well. News Flash: NOTHING IS FOR FREE.

[CaptainSmollett]

Correct. Sadly the poor and unemployed don't realize that voting for the party that promises to give them stuff is really the party that is destroying their 'opportunity' and forcing them into a life of dependency. The folks who voted for Obama are now feeling the repercussions of their bad choice.

[CaptainSmollett]

It is no longer paycheck-to-paycheck...
it is now welfarecheck-to-welfarecheck.

[robintoledo]

I had a decent job until Wall Street greed brought it to an end in 2008. Since I'm over 50 years old nobody wants to hire me. My unemployment ran out in late 2010. I don't live paycheck-to-paycheck. I live from one plasma donation to the other. Oh yeah, the companies that make big bucks from plasma give the donor and measly 20 bucks per donation.

[sjc_1]

The L.A. Times ran a story that said half the U.S. population is either poor or in poverty. That is 150 million people in supposedly the "richest" country in the world. We may have the largest GDP for now, but we also have a HUGE debt.

[FormerUSMCSergeant]

More Americans live paycheck-to-paycheck
---
Just how the top 2% want it.......

[vernique3]

Republican led changes in the economy such as globalization, automation, outsourcing, and making it difficult to create a union means that many jobs will never return to America. It is time that we encourage a Scandinavian style government in which policy is geared to improving the middle class. This would replace our current plutocracy of the rich and powerful.

[Robby33383]

Thank You Barrack Hussein Obama! Just the way the socialist wants it!

[ratsbutt]

Had to log in as rattsbutt to comment...nothin else worked...So guess those non union red states have people banking their excellent wages huh? Or maybe there are just not enough hours in a day to work several of these coolie jobs to put money into savings? Life sure is good when foreign "job creators" and our folks who have their money in "off shore savings" do not have to pay taxes. Kind of like wearing a dark suit and peeing on yourself.....If gives you a warm feeling all over and nobody notices!

[ArthurM123]

Before you blame the republicans for all the problems in our country.
Look what many democratic governors did with Obama's "stimulus" money. Notice none of these links is from Fox News or some other conservative media outlet.

http://abcnews.go.com/US/bringing_america_back/american-infrastructure-jobs-shipped-china/story?id=14592567#.UBlLrWGjvng

http://yourdaddy.net/2011/09/14/obamas-jobs-bill-labor-made-in-china/

http://www.nytimes.com/2011/08/11/nyregion/china-construction-co-involved-in-new-yorks-public-works.html