American Dream on Pause

While the American dream is still alive in 2009, sweeping changes in the economy have led to a reevaluation of priorities for most Americans. The third annual MetLife study finds that amid the economic crisis individuals are placing a premium on financial protection and stability. Across generations, eight in 10 say having a personal safety net will be more important this year than last. However, nearly 74 percent admit to not having an adequate safety net in place. MetLife found that Americans count auto insurance (60 percent), health insurance (57 percent), life insurance (46 percent), homeowners’ insurance (45 percent), a retirement savings plan such as a 401(k) (40 percent), and cash on hand for 3-6 months (35 percent) as the top six components of their safety net. Among those who do not feel they have adequate protection, nearly two-thirds (62 percent) desire cash on hand for 3-6 months as the product they would most like to have in their safety net. The MetLife study also reveals that some 84 percent of individuals believe the U.S. economy is heading in the wrong direction, up from 64 percent in November 2006. More than nine in 10 believe that it will take at least 12 months for the economy to recover. To help put your financial house in order, take an inventory of your financial situation with free software from the  I.I.I. Check it out at http://www.myfinancialhouse.org/

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