Economic downturn encourages saving - KWWL - Eastern Iowa Breaking News, Weather, Closings

Economic downturn encourages saving

by Lauren Squires

DUBUQUE (KWWL) -- From housing and unemployment to the credit crunch and stock market, people young and old are looking to survive the economic crisis.

Tuesday night, they got help from financial experts at a forum in Dubuque. The economic forecast for next year shows more people saving their money. Economic experts from the Tri-state area met to talk about the state of the economy and its future. They say while the economy is down, saving money is at an all time high.

Mimi Jacobsen is retired.

"The older we get I think the more concerned we are because our time is limited and our funds er suffering and we have to be, " Jacobsen said.

She's trying to learn everything she can about today's volatile market; to get the most out of her retirement.

"They have to be knowledgeable. With everything that's going on locally, globally, everywhere," Jacobsen said.

It's a lesson young professionals like Matt Seamer are just learning.

"Coming out of school the market was pretty much at it's peak," Seamer said.

When Seamer graduated in 2003; the market was at a high. He says the recent down turn puts things in perspective.

"There's some concern in the short term but I think the benefit, we have, the younger generation has, it's a longer term horizon that some of the people approaching retirement. It's the ability to kinda weather the storm," Seamer said.

That storm, financial experts told an audience at Dubuque's Grand River Center Tuesday night, will pass.

"We think that the markets not broken. It will go back up eventually and you just have to have patience to reap the benefits," said Andrew Douglas of the Wealth Management Group.

Those experts told people like Mimi and Matt the key now is saving for the future.

"The key is that you gotta continue to look, as we always should, to the future. Look at it long term, recognize that we've gone through these cycles before," said Mel Miller, Chief Investment Officer.

Investors say now, more than ever is the time for young people to invest in the market. They say now you can buy low, then sell high once the market turns around. They also say, in tough times "don't think about how to protect yourself. Instead position yourself to make money when things turn around."

Online Reporter: Lauren Squires

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