Recent turmoil in the job market and on Wall Street has Wisconsin residents feeling increasingly frustrated about where things are heading.
But, it also appears a sizeable number are prepared to take action to improve the financial outlook for themselves and their families.
According to a recent Checkpoint statewide public opinion poll, 60 percent of state residents agree that things “have gotten pretty seriously off on the wrong track” in Wisconsin.
Public sentiment about the outlook for the state has deteriorated steadily over the past year. In April 2007, 47 percent of residents said the state was on the wrong track.
The Checkpoint public affairs poll is produced by Wood Communications Group. The statewide sample of 400 adult residents was conducted March 27 to April 2 and carries a margin of error of plus or minus 5 percentage points.
In recent months, Wisconsin’s job market has failed to keep pace with the labor force and in February, the unemployment rate rose to 5.8 percent from 5.5 percent in January, according to the latest unadjusted figures from the Wisconsin Department of Workforce Development.
Challenges to the nation’s economy also are being felt by residents here, due in no small part to the growing number of people who are linked to the vagaries of the stock market through their 401(k) retirement accounts.
A string of troubling economic reports and earnings announcements have taken a toll on the markets and since trading above the 14,000 mark as recently as October 2007, the Dow Jones Industrial average has declined by some 13 percent. Meanwhile, the S&P 500 Index is off about 15 percent from its recent highs.
While these numbers may not be enough to set alarm bells ringing, the lack of a sustained advance on Wall Street over the past year has some Wisconsin investors thinking twice about their retirement prospects and investment choices.
When asked to reflect on how the recent market declines have affected themselves and their families, 48 percent of state residents say they are long-term investors, but admit “the recent declines have me concerned about reaching my retirement savings or other investment goals.”
A recent column by conservative pundit Glenn Beck chided Americans for failing to take personal responsibility and initiate change despite the fact that so many people view things as being on the “wrong track.”
But here in Wisconsin, there’s evidence many people are stepping up to the plate as they work to overcome the economy’s ups and downs and secure a sound financial future for themselves and their families.
According to the recent Checkpoint survey, 28 percent of state residents say they’ve taken steps to readjust their investments in light of the market turmoil.
Even more impressive: Nearly one in four (24 percent) say they intend to “spend less and save more in order to get my long-term financial plans back on track.” Given that national consumer debt remains at or near record highs, the willingness of Wisconsin residents to tighten their belts and commit to disciplined savings goals may be something for others to consider.
Sereno, former business editor of the Wisconsin State Journal, is a senior manager at Wood Communications Group in Madison. E-mail jenny.sereno@wcgpr.com or call (608) 770-8084.
