News
November 18, 2009
ECONOMIC DISTRESS WORRIES MOST FLORIDIANS;
NEARLY HALF DOUBT 2010 WILL BE ANY BETTER
-Coalition Unveils New Poll, Web site, Financial Education Initiative
to Help Navigate Rocky Times-
TALLAHASSEE - Against the backdrop of the worst national and statewide economic slump in more than 30 years, more than 83% of Floridians are concerned about their money challenges and 43% don't expect to be any financially stronger a year from now - some of the key findings in a new poll that reflects deep ongoing public concern.
The poll, released by a broad coalition of insurance, banking and consumer interests, is part of a new financial education initiative called Money Wise Florida. This initiative represents an unprecedented statewide outreach by the coalition to provide "news you can use" to millions of Floridians about financial matters. In addition to the helpful website -- MoneyWiseFlorida.com -- the project also will include a 30-minute television special that will be broadcast statewide in 2010, with guidance about issues as diverse as saving for retirement, limiting debt, securing the college education of children and buying and selling a home. For full poll results, visit MoneyWiseFlorida.com.
"This poll reflects the reality that so many Floridians are feeling a direct hit in these difficult economic times," said Florida CFO Alex Sink. "Florida's families are looking for useful information and education that will allow them to strengthen their financial futures and, in turn, help the overall financial future of our state."
Among the markers of trouble, 38% of Floridians polled say they have personally suffered a financial crisis in the past year, nearly 73% know someone who lost their job in the past year, and 1 in 4 say their home is worth less than their mortgage.
All that translates into a population that is largely frozen in place, unwilling to make the kind of changes, investments or purchases that could stimulate Florida's sluggish economy. Of those polled:
55% say they are not confident investing in stocks, real estate or buying a new house or car
72% say they are not confident about changing jobs, starting a business or running a debt
That may mean bad news for Florida's retailers and restaurants, with nearly 47% saying they will spend less on the holidays than last year, 43% reporting that they are most likely to cut going out to eat from their family budget and 21% most likely to cut out going to the movies.
Most Floridians report good, basic financial habits, with 95% saying they check their credit card bills monthly, 92% saying they check their bank statements monthly and two-thirds saying they pay off their credit cards monthly.
But the other third of Floridians polled report significant financial problems, including:
More debt than savings,
They expect to have to delay retirement,
They revolve debt from month to month, with 26% having $2,000-5,000, 27% having 5,000-20,000, and 26% having $20,000 or more in credit card debt,
They don't conduct an annual home insurance review and don't have full value coverage for possessions.
The lack of adequate insurance coverage is a significant risk, according to former Insurance Commissioner and Treasurer Bill Gunter, chairman of the Florida Association of Insurance Agents, which sponsored Money Wise Florida.
"More than a third of Floridians say they have suffered a personal financial crisis in the past year. Adequate insurance can help prevent a crisis," Gunter said. "We hope Money Wise Florida will help Floridians arm themselves with information to make good financial decisions and come through these challenging economic times stronger."
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