A study released today by Bankrate.comrevealed a steep drop in consumers' financial security. Bankrate's overall Financial Security Index fell to a 2011 low of 92.3 amid a recent stock market correction, a U.S. credit downgrade and a barrage of poor economic data. Consumers' feelings about their savings, net worth and job security all established 2011 lows.

Overall Financial Situation:

• 35% of Americans say their overall financial situation is worse now than 12 months ago; just 19% say it is better.
• 41% of senior citizens feel their overall financial situation is worse now than one year ago.
• One in three Americans younger than 30 say their overall financial situation is better now than it was 12 months ago.

Net Worth:

• 30% of Americans report lower net worth than one year ago; only 20% say their net worth is now higher.

Savings:

• 47% of Americans are less comfortable with their savings now compared to 12 months ago.
• More than half of Americans age 50 and older are less comfortable with their savings now compared to 12 months ago.

Job Security:

• One-third of Americans between ages 30 and 64 feel less secure in their jobs now compared to 12 months ago.

Retirement:

• 29% of employed Americans are saving less for retirement than last year, nearly double the 15% that are saving more.

"Recent volatility clearly has consumers nervous," saidGreg McBride, CFA, senior financial analyst for Bankrate.com. "But in these uncertain times, it's important not to overreact to short-term events. Consumers should make sure that their investments properly reflect their long-term objectives. As long as that's the case, substantial changes are not necessary."

The new study was conducted by Princeton Survey Research Associates International and can be seen in its entirety here:http://www.bankrate.com/finance/consumer-index/aug-2011-financial-security-poll.aspx.