What Recovery? Americans Don’t Feel Financially Secure

Despite an improving job market, far too many Americans feel insecure about their finances, according to a new study. Some 75 percent of the more than 1,200 American workers surveyed by Bank of America Merrill Lynch said they feel financially insecure. Some 60 percent of respondents said their finances were causing stress, up from 50 percent in 2013. 'People now are just beginning to realize, even if they're working, that their income levels are just beginning to go up,' said Kevin Crain, head of workplace financial solutions at Bank of America Merrill Lynch, adding that over the last few years, incomes haven't moved that much. 'And there's still a level of job insecurity.' The unemployment rate stood at 7.6 percent in March 2013, compared to 5 percent in March 2016. The S&P 500 was trading in the high 1,500s around this time three years ago, and is now close to 2,100. 'I think people now are just beginning to focus on saving money and feeling like they can save money,' he said. TheStreet's Scott Gamm reports from Wall Street.