American Dream Alive

With Super Tuesday underway, it’s only appropriate we cite a new study showing that the American Dream is alive and well. The MetLife study finds that 86 percent of individuals believe the U.S. economy is headed in the wrong direction, up from 64 percent just one year ago. Despite this collective pessimism, 85 percent of individuals expect their own financial situation to be about the same or even better this year, compared to last year – a sign that the American spirit of personal optimism and self-reliance is holding strong, MetLife says. Still, the findings reveal Americans have growing concerns about energy costs, healthcare costs, and rising levels of personal debt, as well as shrinking government-sponsored benefits.

In fact, more than three-quarters (77 percent) of Americans say they are planning to build their own personal safety nets to protect their family’s financial future. Exactly which products they think should comprise a personal financial safety net differ by generation. Health insurance that continues through retirement and retirement savings plans such as a 401(k) are the top priorities of both Baby Boomers and GenYers. But Boomers rank income annuities and long-term care insurance next, whereas GenYers would include life insurance followed by income annuities in their personal safety net. To help put your financial house in order the I.I.I. has free downloadable personal finance software. Check it out at http://www.myfinancialhouse.org  

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