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
"We are a leader in the market space called network visibility solutions - it enables monitoring tools and Big Data analysis to access the data and be able to see the performance," explained Shay Morag, VP of Sales and Marketing at Niagara Networks, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smart...
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, discussed recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model for s...
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2017 New York. The 20th Cloud Expo and 7th @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Internet to enable us all to im...
"We are the public cloud providers. We are currently providing 50% of the resources they need for doing e-commerce business in China and we are hosting about 60% of mobile gaming in China," explained Yi Zheng, CPO and VP of Engineering at CDS Global Cloud, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"We are a custom software development, engineering firm. We specialize in cloud applications from helping customers that have on-premise applications migrating to the cloud, to helping customers design brand new apps in the cloud. And we specialize in mobile apps," explained Peter Di Stefano, Vice President of Marketing at Impiger Technologies, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
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 busin...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at 20th Cloud Expo, Ed Featherston, director/senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and sh...
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...