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Of the 600-plus people who responded to our Apr. 17 survey on how consumers are doing these days, 49% said their financial situation is O.K., assuming no sudden reduction in their income. An additional 32% said they're in good shape, with plenty of cushion. Only 13% said they're in distress financially.
According to this unscientific survey, people are feeling slightly better than they did when we last asked these questions in December, 2001. Back then, 47% of respondents said they were O.K., 31% felt in good shape, and nearly 15% were in distress.
Moreover, 41.6% of those who responded in April feel secure in their jobs, the same percentage as in December, while only 27% think their job isn't secure, down from 41% in December. Most of that change, though, is reflected in the higher percentage of people who aren't sure if their jobs are secure: That's up to 31.5%, vs. 18% in December.
About the same percentage of respondents think the economy will be better in six months (56% now, vs. 59% in December) -- and that it will still be struggling (27% now, vs. 30% in December).
One reason for the restrained optimism may be the outlook for pay raises. While 38% of those who responded expect to get a raise this year, 50% don't (we didn't ask the question in December).
In response to another question we didn't ask earlier, 60% of those who replied said they are as likely or more likely to buy stocks now as they were at the beginning of the year, while 34% said they are less likely.
Here are the details:
How are you doing financially?
Option
Total
%
I'm in distress
90
15.05 %
I'm O.K., assuming no sudden reduction in income
296
49.5 %
I'm in good shape, with plenty of cushion for the near future
193
32.27 %
I'm not sure
19
3.18 %
Do you expect to receive a pay raise this year?
Option
Total
%
Yes
225
37.69 %
No
299
50.08 %
Not sure
73
12.23 %
How do you feel about your job?
Option
Total
%
It's secure
244
41.57 %
It isn't secure
158
26.92 %
I'm not sure how secure it is
185
31.52 %
Six months from now, where do you think the economy will be?
Option
Total
%
Fully recovered
22
3.67 %
On the way to recovery
317
52.83 %
Struggling
186
31.00 %
Worse than it is now
43
7.17 %
Don't know
32
5.33 %
Are you more likely or less likely to buy stocks than you were at the start of the year?
Option
Total
%
More likely
143
23.91 %
Less likely
206
34.45 %
About as likely
216
36.12 %
Not sure
33
5.52 %
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Copyright 2002 , by The McGraw-Hill Companies Inc. All rights reserved.
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