Personal Financial Hardships from the Lasting Recession

Beverly Hills, CA -- (ReleaseWire) -- 03/02/2011 -- A recent survey has shown the recession might have “officially” ended but millions of Americans are still struggling to save their money.

According to the American Savings Education Council survey conducted of 1,000 participants, 49% of the people were highly concerned about their personal finances due to the recent recession.

The executive director of the Consumer Federation of America, Stephan Brobeck has stated, “The recession clearly has not ended for millions of Americans.” People who are trying to save money aren’t progressing due to the growing unemployment rate and debt. While the most important property for an average person may be their house, the housing market continues to fail with a low value. Also, average employees are finding it harder to get pay raises at work while their retirement plans continue to be reduced.

With some brighter news, over the last year, the number of people with a saving plan grew from 55% to 57% while retirement savings grew from 49$ to 54%.

Experts highly recommend having a set plan for saving. The survey had found that 88% of people with a savings plan had less debt, built savings for emergencies and retirement, and spent less than their income.

With all the recent news on our struggling economy and personal financial hardships, people who are seeking financial assistance may look for other alternatives like online payday loans. Before taking on this financial obligation, it is highly recommended to thoroughly research all your options when finding a cash loan.

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