After declining for the past six months, consumers' financial security sentiment improved modestly in the month of October, according to the results of a new survey.
The Country Financial Security Index, which measures Americans' feelings regarding their fiscal stability, rose nearly eight-tenths of a percent to 63.2.
Keith Brannan vice president of financial security planning for the financial services firm, said this month's results are an encouraging sign, given the index hit an all-time low in August.
"Although the economic climate is largely unchanged, people are adapting, revisiting their plans and finding ways to save for both their short- and long-term goals," said Brannan.
The survey gauges consumers' financial security by questioning respondents about their savings and investments. Fifty-three percent said they had enough money to enjoy a comfortable retirement and 57 percent said they were able to afford funding their child's college education in October, up from 49 and 54 percent, respectively, in August.
The respondents polled may have been more optimistic about financing their kids' education because they were able to pay down revolving credit card debt, which in so doing may have improved their credit scores. Good credit can help consumers borrow at a cheaper rate of interest.