We're Facing Up to Our Financial Hangover

NEW YORK (TheStreet) -- Americans are waking up to a long financial hangover from the Great Recession, and despite some good economic news of late, don't like what they see when they look in the mirror.

Analysts at Financial Finesse, an El Segundo, Calif., financial wellness services provider, call it an "awakening," and that's probably the best description of Americans realizing they may never meet their lifetime financial goals and have no control over their finances.

The good news? Financial Finesse reports that Americans have largely stopped blaming the economy for their financial troubles and are deciding it's up to them to cut spending and boost savings.

Liz Davidson, CEO and founder of Financial Finesse, says the initial shock from the Great Recession has largely worn off, and while major damage was done, workers see it as their "personal responsibility" to take back control of their finances and savings.

"Now that the economy has stabilized for the most part, employees are taking the opportunity to assess their situations in more detail," Davidson says. "They've stepped on the financial scale, so to speak, and are going 'Wow, this is worse than I thought.'"

"This is a good thing even if it is causing them to feel more stress over their circumstances, because they seem to recognize that they can no longer point to the stock market or the economy as the reason for their discomfort; they're taking action to address their vulnerabilities through factors they themselves can control."

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