Source : Business Times - 9 Sep 2008
The US housing crisis has left many Americans worried about losing their jobs, making many more cautious about how they save for retirement, according to a new report on Tuesday.
The study, commissioned by online investment firm Scottrade, found that one-third of Americans have become more conservative in their investment strategies because of the housing slump, the worst since the Great Depression.
Another third of respondents said they are currently investing less because of the economic downturn.
‘Three out of four Americans are stressed about their current financial situation,’ Scottrade said.
In keeping with a worsening job market, one-fifth of Americans said they believe their job could be at risk. Last week, the government reported a jump in the unemployment rate to 6.1 per cent, its highest level in five years.
Still, many remain optimistic over the longer term. Most Americans who were already investing some money said they would boost the amount they are investing during the next year despite their fears about the economy.
Moreover, 68 per cent said the stock market is a solid long-run investment despite a brutal sell-off that began in November of last year.
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