Welcome!

News Feed Item

By The Numbers: Main Street and Wall Street At Odds

Contrary to Many Wall Street Predictions, Main Street Paying Down Debt and Not Spending in 2014

BLOOMINGTON, Ill., Jan. 14, 2014 /PRNewswire/ -- When it comes to economics, Wall Street predictions don't seem to be dictating Main Street sentiments. According to the latest COUNTRY Financial Security Index® survey, consumers may beg to differ – in some cases, a lot – on issues like job security, spending, income and debt.

Main Street complacency challenges positive predictions from Wall Street:

Wall Street 2014 Forecast

Main Street 2014 Prediction

Unemployment and Job Security                               

According to data, 2014 will see a decrease to an unemployment rate of 6.3 percent by the end of the year.*

However, two-thirds (68 percent) say they expect their personal job security to be about the same or worse this year. Just 18 percent expect it to be better.

Spending                                

Economists think consumers will loosen their purse strings as they predict a 2.4 percent increase in consumer spending.**

In stark contrast, three in four (76 percent) say they expect their spending to stay the same or decrease. Of those who expect it to decrease, 58 percent say it will go down by at least 3 percent.

Income                                

Wall Street pundits expect personal incomes to rise by more than 3 percent in 2014.***

While 30 percent of Main Street-ers expect their incomes to increase, another 62 percent say their personal income will stay the same or decrease this year.

"Americans tend to just start feeling optimistic about positive economic news as the macro environment takes a sharp left turn. Perhaps because of this, they have learned from the volatility of the last few years and are more cautious," says Troy Frerichs, senior investment officer at COUNTRY Financial. "The best way to beat Wall Street's odds, or meet them in this case, is to concentrate on what you can control and look at the new year as a time to evaluate and make any necessary changes to your financial plan."

At least we can all agree on something:

Debt                       

After record post-recession increases in 2013,

economists expect a leveling off of household debt

this year. Consumer debt is expected to continue

to increase, but there is also an anticipated increase

in those paying down debt.****

Thirty-seven percent say they expect their personal debt to decrease in 2014. Of those, one in five plan to pay it down by at least 10 percent.

 

Another 46 percent say the amount of personal debt they have will stay the same and just 11 percent expect it to increase.

"At a time when Americans are also experiencing low wage growth, it's encouraging to see they are using their money to pay down debts, leaving little room for discretionary spending. By curbing their spending and decreasing personal debt, Americans are better positioned to achieve financial security," continues Frerichs. "Creating a financial plan and sticking to a budget helps to ensure that paying down debt the last few years won't be in vain when times do get better.  It helps to reduce uncertainty by focusing on things you can control, like what you do with your money." 

For more information on how Main Street sentiments compare with Wall Street predictions, please visit www.countryfinancialsecurityblog.com.

*According to the Federal Reserve
**According to the NABE
***According to Kiplinger
****According to BlackRock, Moody's Analytics

The COUNTRY Financial Security Index®
Since 2007, the COUNTRY Financial Security Index has measured Americans' sentiments of their personal financial security. The COUNTRY Index also delves deeper into individual personal finance topics to better inform Americans about the issues impacting their finances. Survey data, videos and analysis are available at www.countryfinancialsecurityblog.com and on Twitter at @FinanceSecure.

The COUNTRY Index was created by COUNTRY Financial  and is compiled by Rasmussen Reports, LLC, an independent research firm, based on a national telephone and online survey of at least 3,000 Americans. 

The margin of sampling error for a survey based on this many interviews is approximately +/- 2 percentage points with a 95 percent level of confidence.

About COUNTRY
COUNTRY Financial (www.countryfinancial.com) serves about one million households and businesses throughout the United States. It offers a full range of financial products and services from auto, home and life insurance to retirement planning services, investment management and annuities.

SOURCE COUNTRY Financial

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
SYS-CON Events announced today that Daiya Industry will exhibit at the Japanese Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Ruby Development Inc. builds new services in short period of time and provides a continuous support of those services based on Ruby on Rails. For more information, please visit https://github.com/RubyDevInc.
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busine...
SYS-CON Events announced today that Evatronix will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Evatronix SA offers comprehensive solutions in the design and implementation of electronic systems, in CAD / CAM deployment, and also is a designer and manufacturer of advanced 3D scanners for professional applications.
As businesses evolve, they need technology that is simple to help them succeed today and flexible enough to help them build for tomorrow. Chrome is fit for the workplace of the future — providing a secure, consistent user experience across a range of devices that can be used anywhere. In her session at 21st Cloud Expo, Vidya Nagarajan, a Senior Product Manager at Google, will take a look at various options as to how ChromeOS can be leveraged to interact with people on the devices, and formats th...
First generation hyperconverged solutions have taken the data center by storm, rapidly proliferating in pockets everywhere to provide further consolidation of floor space and workloads. These first generation solutions are not without challenges, however. In his session at 21st Cloud Expo, Wes Talbert, a Principal Architect and results-driven enterprise sales leader at NetApp, will discuss how the HCI solution of tomorrow will integrate with the public cloud to deliver a quality hybrid cloud e...
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to w...
Is advanced scheduling in Kubernetes achievable? Yes, however, how do you properly accommodate every real-life scenario that a Kubernetes user might encounter? How do you leverage advanced scheduling techniques to shape and describe each scenario in easy-to-use rules and configurations? In his session at @DevOpsSummit at 21st Cloud Expo, Oleg Chunikhin, CTO at Kublr, will answer these questions and demonstrate techniques for implementing advanced scheduling. For example, using spot instances ...
DevOps is under attack because developers don’t want to mess with infrastructure. They will happily own their code into production, but want to use platforms instead of raw automation. That’s changing the landscape that we understand as DevOps with both architecture concepts (CloudNative) and process redefinition (SRE). Rob Hirschfeld’s recent work in Kubernetes operations has led to the conclusion that containers and related platforms have changed the way we should be thinking about DevOps and...
SYS-CON Events announced today that Taica will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Taica manufacturers Alpha-GEL brand silicone components and materials, which maintain outstanding performance over a wide temperature range -40C to +200C. For more information, visit http://www.taica.co.jp/english/.
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busine...
SYS-CON Events announced today that SourceForge has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. SourceForge is the largest, most trusted destination for Open Source Software development, collaboration, discovery and download on the web serving over 32 million viewers, 150 million downloads and over 460,000 active development projects each and every month.
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities – ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups. As a result, many firms employ new business models that place enormous impor...
SYS-CON Events announced today that TidalScale will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. TidalScale is the leading provider of Software-Defined Servers that bring flexibility to modern data centers by right-sizing servers on the fly to fit any data set or workload. TidalScale’s award-winning inverse hypervisor technology combines multiple commodity servers (including their ass...
As popularity of the smart home is growing and continues to go mainstream, technological factors play a greater role. The IoT protocol houses the interoperability battery consumption, security, and configuration of a smart home device, and it can be difficult for companies to choose the right kind for their product. For both DIY and professionally installed smart homes, developers need to consider each of these elements for their product to be successful in the market and current smart homes.
SYS-CON Events announced today that MIRAI Inc. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MIRAI Inc. are IT consultants from the public sector whose mission is to solve social issues by technology and innovation and to create a meaningful future for people.