Consumers Losing Faith In Economy, Confident About Own Cash

A recent report by the Certified Financial Planner Board of Standards showed American consumers are not confident about the state of the American economy, but are feeling good about their own personal finance situation.

Nearly 60 percent of consumers are not feeling confident about an economic rebound over the course of the next 12 months. A total of 53 percent of those surveyed blamed the economy for not allowing them to make a large purchase, and another 45 percent used savings as a form of debt relief.

"While our country continues to grapple with sustained unemployment and other economic headwinds, Americans have a more positive outlook on their own personal finances," said Charles A. Moran, Chair of CFP Board. "And those people who have a financial plan believe that their own financial situation will improve over the next year and are willing to contribute to the economy by spending more."

More than 80 percent of Americans thought their financial situation had room for improvement over the next year. About 86 percent of those polled think every American should create some type of financial plan to stick by.