Amid a steady stream of positive economic reports, Americans are optimistic about their current circumstances, but there is an undercurrent of concern about the future, prompting more cautious spending decisions and a reassessment of retirement needs, according to the 1999 Phoenix Fiscal Fitness Survey released this week. The ninth annual national survey also shows that as Americans devote more attention to their economic situation, they are seeking more financial information and advice.

"During this period of extraordinary economic well-being, Americans' optimism about the future continues to grow, but so do concerns about job security and retirement," said Robert W. Fiondella, chairman, president and chief executive officer of Phoenix Home Life Mutual Insurance Company, which sponsors the survey. "In fact, for the first time in several years there was an increase in the number of people who worried about job loss, a concern that is prompting Americans to reassess their spending and saving decisions."

Our survey demonstrates that while most Americans feel good about the state of the economy and their place in it, they still recognize that their future security, especially during their retirement years, will depend greatly on their own knowledge, planning and foresight," he added.

Despite the prevailing economic optimism, increasing concerns have caused some Americans to postpone extravagant purchases and to divert retirement funds.

* Ninety-two percent of survey respondents said they are optimistic about their financial future, up from 89 percent last year. The percentage that said they are "very optimistic" has risen steadily since 1996, from 31 to 41 percent.

* Asked to name their greatest financial concern over the next five years, 26 percent replied "none." That's up from 22 percent last year.

* However, concern about a household's primary wage earner losing his/her job in the next three years is rising, up to 35 percent compared with 31 percent in 1998.

* Fewer people expect to make an extravagant purchase -- a car or a boat -- in the next five years, with just 20 percent saying they plan such a purchase, compared to 23 percent in 1998.

* And fewer people are dipping into their retirement savings -- 19 percent this year, falling from 24 percent last year. Among those who have diverted retirement funds in the past three years, 32 percent cited job loss or career change as a reason.

Many Americans are examining their financial resources and reevaluating their retirement needs. Increasingly, respondents are expressing concern about outliving their retirement funds.

* The number of people who say they are "very concerned" about outliving their retirement savings is rising -- 12 percent, up from8 percent in 1998.

* While only 31 percent indicated they actually have calculated what their retirement income will be, another 46 percent have at least thought about it.

* More people expect their standard of living in retirement to be lower than it is now -- 23 percent, compared to 19 percent in 1998.

* Eighty-one percent of survey respondents said they want to increase their level of investment during the next five years, and 73 percent want to accelerate the funding of their retirement plans.

More and more Americans are taking advantage of the available information to increase their knowledge of financial issues. Last year dependence on the Internet as a source for financial information increased significantly. Although many Americans are not confident about their financial knowledge, the number who make investment decisions on their own is almost equal to the number turning to financial professionals.

*More Americans are relying on their own research for financial advice -- 73 percent in 1999 up from 65 percent last year. Respondents rely on a variety of sources -- 34 percent use the Internet, up from 19 percent in 1998, and 54 percent rely on newspapers, up from 48 percent in 1997.

* Despite the increase in personal research, 76 percent of Americans still rely on financial professionals for advice. Forty-four percent cited professionals as the source they rely on most, compared to 25 percent who rely most on their own research.

* While the number who said they feel very knowledgeable about general financial matters remained consistent during the last four years, 16 percent, those who said they are very knowledgeable about the stock market doubled -- 10 percent, up from 5 percent last year.

* Fewer people responded that they have become uncertain about the best way to invest their money -- 38 percent, down from 43 percent in 1998. Although 76 percent said they have sought more professional advice in the last six months.

* Forty-one percent of survey respondents are making investment decisions with a professional, while 34 percent report making investment decisions completely on their own.

Yankelovich Partners, Inc. conducted the Phoenix Fiscal Fitness Survey interviewing 1,003 respondents aged 30 to 59 via telephone January 4 through January 25. The survey focused on households in which at least one person earns $45,000 or more annually; the average household income was $88,000. 

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