Midwesterners More Financially Cautious

A recent survey revealed that residents of the Midwestern U.S. aren't very optimistic about an economic recovery, making them more cautious about their personal financial situations.

More than 60 percent don't think the economy has hit rock-bottom yet, according to a Citi survey. Because of this thinking, Midwesterners are spending less and working harder to pay down what they owe creditors. These sorts of actions will result in fewer people needing to seek debt relief.

In the Midwest, younger people have a more a positive outlook. More than 70 percent of those between the ages of 18 and 39 think their personal financial situations will improve during the next year, the survey said. Only 60 percent of people over 40 do.

Citi personal wealth management financial education director Jonathan Clements said that "the events of the past few years continue to have long-lasting effects. Those under age 40 are clearly anxious about the future, notably their retirement, and that is driving their immediate financial priorities and choices."

Many Americans had to dip into their retirement funds during the down economy and are now working diligently to put money back into them.