Country Financial's “consumer confidence index,” if you will, slipped from 66.9 in May to 66.6 now. Does that mean we're two-thirds confident?
“No,” says Troy Frerichs, wealth management director at the Bloomington-based insurance and financial services firm. “The index is a pure numerical measure. It's more the differences that we're measuring from reading to reading. Essentially, it's a weighted average of questions we are asking to measure how confident people are in their financial security.”
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Frerichs says millennials, saddled with college debt, are a growing part of the population, and he advises them it's never too early to get a handle on their finances and do some planning.
The survey, a random phone poll, attempts to record people's feelings about such factors as life insurance, retirement, and college.